MFDA Hearing Panel accepts settlement agreement with Mohabeer Rambarran

TORONTO, Dec. 7, 2016 /CNW/ - A settlement hearing in the matter of Mohabeer Rambarran (the "Respondent") was held on November 24, 2016 in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").

The Hearing Panel accepted the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following penalties and costs were imposed:

1.

a fine in the amount of $10,000 (the "Fine"), payable in four (4) installments in the amount of $2,500 each as follows:


a)  

the first installment shall be paid on or before the last business day of the 3rd month that follows the date of the acceptance of the Settlement Agreement by the Hearing Panel;


b)  

the second installment shall be paid on or before the last business day of the 6th month that follows the date of the acceptance of the Settlement Agreement by the Hearing Panel;


c)  

the third installment shall be paid on or before the last business day of the 9th month that follows the date of the acceptance of the Settlement Agreement by the Hearing Panel; and


d)  

the fourth installment shall be paid on or before the last business day of the 12th month that follows the date of the acceptance of the Settlement Agreement by the Hearing Panel;

2.

costs in the amount of $2,500;

3.

if the Respondent fails to make any of the installment payments described above then without further notice to the Respondent, the Respondent shall be summarily suspended from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member until the full amount of the Fine has been paid;

4.

shall be prohibited from acting in the capacity of branch manager for a period of five (5) months while in the employ of or associated with any Member of the MFDA;

5.

prior to being re-designated as a branch manager, the Respondent shall successfully complete the branch manager's course offered by the Canadian Securities Institute in relation to the mutual fund industry; and

6.

shall in the future comply with MFDA Rules 2.1.1 and 2.5.5.

 

In the Settlement Agreement, the Respondent admitted that:

a)   

he obtained, possessed, and in some instances, used to process transactions, 51 pre-signed account forms, contrary to MFDA Rule 2.1.1;

b)   

falsified, and in some instances, used to process transactions 13 account forms, contrary to MFDA Rule 2.1.1; and

c)   

while acting in the capacity of alternate branch manager, reviewed and approved 54 of the account forms described above in subparagraphs (a) and (b), contrary to MFDA Rules 2.5.5(f) (prior to September 2013, MFDA Rule 2.5.5(d)) and 2.1.1.

 

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, 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, ctoth@mfda.ca

RELATED LINKS
http://www.mfda.ca

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890