TORONTO, April 27, 2016 /CNW/ - A Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision in connection with a settlement hearing held in Winnipeg, Manitoba, on December 1, 2015 in the matter of Shaun Amitabh Goolcharan (the "Respondent"). The Reasons for Decision relate to the Hearing Panel's acceptance of the settlement agreement (the "Settlement Agreement") entered into between the Respondent and Staff of the MFDA. In its Reasons for Decision dated April 26, 2016, the Hearing Panel confirmed the following sanctions imposed on the Respondent:
- a fine in the amount of $5,000;
- costs in the amount of $2,500; and
- shall the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that between June 2012 and March 2014, he obtained, maintained and in some cases, used to process transactions, 19 pre-signed blank or partially completed forms in respect of ten (10) client accounts, contrary to MFDA Rule 2.1.1.
A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in Winnipeg, Manitoba.
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; Mark Stott, Vice-President, Prairie Region, 403-215-8329, email@example.com