MFDA issues Notice of Settlement Hearing in respect of Hussein Shivji
TORONTO, Nov. 27, 2018 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") announced that it has issued a Notice of Settlement Hearing dated November 5, 2018 ("Notice of Settlement Hearing") regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA's Pacific Regional Council.
The settlement agreement will be between Staff of the MFDA and Hussein Shivji ("Respondent") and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The proposed settlement agreement concerns allegations that the Respondent:
a) |
between 2010 and 2014, obtained, possessed, and in some instances, used to process transactions, nine pre-signed account forms in respect of five clients, contrary to MFDA Rule 2.1.1; |
b) |
between 2010 and 2014, falsely represented to the Member on its annual registration questionnaire that he did not control or possess any pre-signed account forms, contrary to MFDA Rule 2.1.1; and |
c) |
between 2010 and 2014, failed to exercise due diligence to ensure that account forms were accurately and properly completed when 62 account forms in respect of 22 clients were submitted to the Member for processing with a signature stamp bearing the Respondent's signature rather than the Respondent's actual signature, contrary to the Member's policies and procedures and MFDA Rules 2.10, 1.1.2 and 2.1.1 |
The settlement hearing is to take place on March 19, 2019, commencing at 10:00 a.m. (Pacific), or as soon thereafter as the matter can be held, in the hearing room at the British Columbia Securities Commission, located at 701 West Georgia Street, Suite 1200, Vancouver, British Columbia.
MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.
A copy of the Notice of Settlement Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Settlement Hearing, the Respondent carried on business in the Richmond, British Columbia 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
please contact: Charles Toth, Managing Director, Litigation, 416-943-4619, [email protected]; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, [email protected]
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