TORONTO, June 26, 2018 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Rajbir Singh ("Respondent"). In its Notice of Hearing dated April 12, 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 October 27, 2015 and December 14, 2015, the Respondent loaned client MS $130,000, in order to enable client MS to purchase securities, thereby loaning or extending credit to a client contrary to MFDA Rules 3.2.1 and 2.1.1.
Allegation #2: Between October 27, 2015 and December 14, 2015, the Respondent loaned client MS least $130,000 to purchase mutual funds in order to help the Respondent to qualify for a bonus or other compensation through a branch incentive program, which conduct gave rise to a conflict or potential conflict of interest by putting the Respondent's interests ahead of any interest of client MS, and which the Respondent failed to address by the exercise of responsible business judgment influenced only by the best interests of client MS, contrary to MFDA Rules 2.1.4 and 2.1.1.
Allegation #3: On November 3, 2015, the Respondent misled National Bank Investment Inc. by falsely informing National as to the source of client MS's funds, thereby interfering with the ability of National to supervise the Respondent's conduct and comply with its obligations under MFDA Rule 2.1.4, 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 August 14, 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.
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 conducted business in the Richmond Hill, Ontario 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 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: please contact: Charles Toth, Director, Litigation, 416-943-4619, [email protected]