TORONTO, April 4, 2016 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Mohabeer Rambarran (the "Respondent"). In its Notice of Hearing dated March 28, 2016, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Between September 2006 and August 2014, the Respondent obtained, possessed, and in some instances, used to process transactions, 51 pre-signed account forms in respect of 22 clients, contrary to MFDA Rule 2.1.1.
Allegation #2: Between September 2006 and August 2014, the Respondent falsified, and in some instances, used to process transactions, 13 account forms in respect of 10 clients by altering information on the forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1.
Allegation #3: Between September 2006 and August 2014, the Respondent, acting in the capacity of branch manager, reviewed and approved the use of 54 pre-signed and falsified account forms, contrary to MFDA Rules 2.5.5(f) and 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on June 23, 2016 at 9:30 a.m. (Eastern), or as soon thereafter as the appearance can be held, in order to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The first appearance will be open to the public, except as may be required for the protection of confidential matters.
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 Vaughan, 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 83,000 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
For further information: Charles Toth, Director, Litigation, 416-943-4619, firstname.lastname@example.org