MFDA Hearing Panel makes findings of misconduct and reserves judgment on sanctions against Dmitri Graham

TORONTO, Feb. 2, 2022 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Dmitri Graham (the "Respondent") by Notice of Hearing dated October 20, 2021 (the "Notice of Hearing").

A disciplinary hearing in this proceeding was held today electronically by videoconference before a three-member Hearing Panel of the MFDA's Central Regional Council. After receiving evidence and hearing submissions by Staff of the MFDA, the Hearing Panel found that the two allegations set out in the Notice of Hearing had been established. In particular, the Hearing Panel made the following findings of misconduct:

Allegation #1: From November 23, 2017 to July 29, 2018, the Respondent opened new accounts, processed Know-Your-Client forms, and processed trade forms without using the necessary due diligence to learn the essential facts relative to the clients, ensuring that transactions processed in their accounts were suitable, or ensuring that the transactions were authorized, contrary to MFDA Rules 2.2.1 and 2.1.1.

Allegation #2: From November 23, 2017 to July 29, 2018, the Respondent signed or submitted documentation obtained by an unregistered individual to conduct securities related business, open new investment accounts, and obtain Know-Your-Client information for clients of the Member, thereby facilitating stealth advising by an unregistered individual, contrary to MFDA Rules 1.1.1(c) and 2.1.1.

Following submissions from Staff of the MFDA with respect to penalty, the Hearing Panel reserved its judgment and advised that it will issue its written decision and provide its reasons in due course.

A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in the London, 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 80,000 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, Vice-President, Enforcement, 416-943-4619, [email protected]