TORONTO, Aug. 3, 2017 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Paul Singh Gill ("Respondent"). In its Notice of Hearing dated July 19, 2017, 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: On December 19, 2015, the Respondent falsified the signatures of three clients on two Know-Your-Client forms and on one account form, contrary to MFDA Rule 2.1.1.
Allegation #2: On December 19, 2015, the Respondent failed to use due diligence to learn the essential facts of the client when he completed the information on two Know-Your-Client forms without having met or discussed the information with the clients, contrary to MFDA Rule 2.2.1 and 2.1.1.
Allegation #3: On December 19, 2015, the Respondent falsely represented to his branch manager that he had contacted clients and obtained their signatures on account forms, when he knew this to be incorrect, contrary to MFDA Rule 2.1.1.
The first appearance in this proceeding will be held by teleconference before a Hearing Panel of the MFDA's Pacific Regional Council on September 13, 2017 at 10:00 a.m. (Pacific), or as soon thereafter as the appearance can be held, in order to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The first appearance will take place in the hearing room at the MFDA offices, located at 650 West Georgia Street, Suite 1220, Vancouver, British Columbia, and will be open to the public, except as may be required for the protection of confidential matters. The hearing on the merits will take place in Vancouver, British Columbia at a time and venue to be announced.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent carried on business in the Surrey, British Columbia 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