MFDA Hearing Panel makes findings and imposes sanctions against Rajbir Singh
TORONTO, Jan. 24, 2019 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Decision and Reasons dated January 23, 2019 ("Decision and Reasons") in connection with a disciplinary hearing held in Toronto, Ontario on December 19, 2018 in the matter of Rajbir Singh ("Respondent").
In its Decision and Reasons, the Hearing Panel outlined its reasons for the findings of misconduct made against the Respondent. In particular, the Respondent admitted that:
a) |
between October 27, 2015 and December 14, 2015, he loaned client MS least $130,000 to purchase mutual funds in order to help him qualify for a bonus or other compensation through a branch incentive program, which conduct gave rise to a conflict or potential conflict of interest by putting his interests ahead of any interest of client MS, and which he failed to address by the exercise of responsible business judgment influenced only by the best interests of client MS, contrary to MFDA Rules 3.2.1, 2.1.4 and 2.1.1; and |
b) |
on November 3, 2015, he misled National Bank Investment Inc. by falsely informing National as to the source of client MS's funds, thereby interfering with the ability of National to supervise his conduct and comply with its obligations under MFDA Rule 2.1.4, contrary to MFDA Rule 2.1.1. |
In its Decision and Reasons, the Hearing Panel imposed the following sanctions on the Respondent:
- shall pay a fine in the amount of $3,000;
- shall be suspended from conducting securities related business while in the employ of or associated with any Member of the MFDA for a period of two months;
- shall be required to complete an industry compliance course before employment as an Approved Person; and
- shall pay costs in the amount of $1,000.
A copy of the Decision and Reasons is available on the MFDA website at www.mfda.ca. During the period described in the Decision and Reasons, the Respondent conducted business in the Richmond Hill, Ontario area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 82,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA's complaint and enforcement processes, as well as links to 'Check an Advisor' and other Investor Tools, visit the For Investors page on the MFDA website.
SOURCE Mutual Fund Dealers Association of Canada
Charles Toth, Managing Director, Litigation, 416-943-4619, [email protected]
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