TORONTO, Dec. 3, 2012 /CNW/ - A Settlement Hearing in the matter of
Imtiaz ("Tim") Mahamood Mohamed (the "Respondent") was held today in
Toronto, Ontario before a Hearing Panel of the MFDA's Central Regional
Council. The Hearing Panel accepted the Settlement Agreement between
MFDA Staff and the Respondent, as a consequence of which the
has been suspended from conducting securities related business in any
capacity while in the employ of or associated with any MFDA Member for
a period of one (1) month;
has successfully completed the IFSE (IFIC) Mutual Fund Dealer Compliance
had paid a fine of $20,000; and
has paid costs of $5,000.
In the Settlement Agreement, the Respondent admitted that:
from 2002 to at least April 2007, he obtained 43 blank or partially
completed pre-signed trade forms for 30 clients, and maintained the
forms until November 1, 2007, contrary to MFDA Rule 2.1.1;
from February 20, 2002 to August 22, 2005, he engaged in 22 instances of
discretionary trading in the accounts of seven clients (all of which
was known to and authorized by the clients), contrary to MFDA Rule
on January 4, 2008, he swore an affidavit in which he provided
misleading information to the Ontario Securities Commission, contrary
to MFDA Rule 2.1.1.
The Hearing Panel advised that it will issue written reasons for its
decision in due course. A copy of the Settlement Agreement is 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 118 Members and their approximately 80,000 Approved
Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
For further information:
416-943-4672 or email@example.com