MFDA announces disciplinary proceeding in respect of Rupinder K. Bhathal
Jul 28, 2016, 17:02 ET
TORONTO, July 28, 2016 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Rupinder K. Bhathal (the "Respondent"). In its Notice of Hearing dated June 30, 2016, 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 December 2012 and January 2014, the Respondent processed unauthorized redemptions in the accounts of client TP and client GG, and misappropriated the proceeds of those redemptions, contrary to MFDA Rules 2.1.1 and 2.3.1(a).
Allegation #2: Between November 10, 2009 and January 20, 2014, the Respondent falsified client GG's signature on an at least three account forms including one trade ticket that was used to process a transaction, and used two blank pre-signed account forms to process redemptions in client GG's account, contrary to MFDA Rule 2.1.1.
Allegation #3: Commencing June 3, 2015, the Respondent failed to comply with requests from Staff of the MFDA ("Staff") to attend an interview to give information relevant to the subject matter of Staff's investigation concerning her conduct as an Approved Person, contrary to section 22.1 of MFDA By-law No. 1.
Allegation #4: On February 11, 2014, the Respondent interfered with the Member's supervisory investigation into her conduct by providing false and misleading information in response to the Members' inquiries, contrary to MFDA Rules 2.5.1, 1.1.2, 2.1.4, and 2.1.1.
Allegation #5: Between about February 2013 and July 2013, the Respondent made unauthorized withdrawals from insurance client accounts to pay the clients' own insurance premiums and the insurance premiums of others, falsified insurance client signatures, and processed insurance applications without the knowledge or consent of the clients, and thereby failed to be of such character and business repute as is consistent with the standards prescribed by 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 August 25, 2016 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 offices of the MFDA, 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 Abbotsford, 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
For further information: Charles Toth, Director, Litigation, 416-943-4619, [email protected]; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, [email protected]
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