TORONTO, Oct. 12, 2017 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Shahin Golestani ("Respondent"). In its Notice of Hearing dated September 25, 2017 ("Notice of Hearing"), 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 November 7, 2014 to May 6, 2015 the Respondent failed to use due diligence to learn and accurately record Know-Your-Client ("KYC") information for 21 client accounts and ensure that each order accepted and recommendation made for the accounts of clients was suitable for the client, contrary to MFDA Rules 2.2.1 and 2.1.1.
Allegation #2: Between July 8, 2015 and August 24, 2015, the Respondent made false or misleading statements to the Member in response to its supervisory investigation into his conduct, contrary to MFDA Rule 2.1.1.
The first appearance in this proceeding will be held by teleconference before a Hearing Panel of the MFDA's Pacific Regional Council on November 8, 2017 at 10:00 a.m. (Pacific), 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 take place in the hearing room at the MFDA offices, located at 650 West Georgia Street, Suite 1220, Vancouver, British Columbia, and will be open to the public, except as may be required for the protection of confidential matters. The hearing on the merits will take place in Vancouver, British Columbia at a time and venue to be announced.
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 Burnaby, 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 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, email@example.com; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, firstname.lastname@example.org