TORONTO, Sept. 18, 2018 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Ismail Cassim ("Respondent"). In its Notice of Hearing dated August 21, 2018, 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 February 2008 and January 15, 2015, the Respondent collected, maintained or used at least 158 blank pre-signed and photocopied client account forms in respect of 34 clients, contrary to the Member's policies and procedures, and MFDA Rule 2.1.1.
Allegation #2: Between December 2011 and January 2015, the Respondent processed at least 166 switches in 22 client accounts without obtaining authorization from the clients at the time of the trades, thereby engaging in discretionary trading, contrary to MFDA Rules 2.3.1 and 2.1.1.
Allegation #3: Between December 2011 and January 2015, the Respondent processed at least 166 switches in 22 client accounts without recording or maintaining adequate evidence of any trade instructions provided by clients, contrary to the Member's policies and procedures, and MFDA Rules 5.1(b), 2.5, 1.1.2, and 2.1.1.
Allegation #4: On July 24, 2012, the Respondent misled MFDA Staff during the course of its sales compliance examination of the Respondent's branch, contrary to MFDA Rule 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on October 9, 2018 at 9:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The appearance will be open to the public, except as may be required for the protection of confidential matters. Members of the public who would like to listen to the teleconference should contact [email protected] to obtain particulars.
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 82,000 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 protected]