TORONTO, Feb. 10, 2012 /CNW/ - A Settlement Hearing in the matter of
Mark Faiz Sakkejha (the "Respondent") was held on February 8, 2012 in
Toronto, Ontario before a Hearing Panel of the MFDA's Central Regional
Council. The Panel reserved its decision as to whether it would accept
or reject the settlement agreement entered into by the Respondent and
MFDA Staff on January 4, 2012 (the "Settlement Agreement").
In its Decision and Reasons issued February 9, 2012, the Hearing Panel
accepted the Settlement Agreement, as a consequence of which the
Respondent has paid a $7,500 fine and $2,500 in costs; shall write an
industry course deemed appropriate by MFDA Staff; and has agreed to
comply with all MFDA By-laws, Rules and Policies in the future.
In the Settlement Agreement, the Respondent admitted that between June
2005 and July 2008 he:
obtained and maintained at least 85 pre-signed client account forms in
respect of 16 different client accounts and used the forms to process
trades in client accounts on at least 25 occasions, contrary to MFDA
accepted appointments as co-power of attorney, co-trustee for a family
trust and executor for clients and, in the case of client BMS, acted as
the executor for client BMS's estate, contrary to (i) MFDA Rule
2.3.1(a) and (ii) the Member's policies and procedures, thereby
interfering with the ability of the Member to supervise the Respondent,
contrary to MFDA Rules 1.1.2 and 2.5.1.
The Settlement Agreement and the Hearing Panel's Decision and Reasons are available on the MFDA website at www.mfda.ca.
The MFDA is the self-regulatory organization for Canadian mutual fund
dealers, regulating the operations, standards of practice and business
conduct of its 125 Members and their approximately 75,000 Approved
Persons with a mandate to protect investors and the public interest.
SOURCE Mutual Fund Dealers Association of Canada
For further information:
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