TORONTO, Feb. 10, 2012 /CNW/ - A Settlement Hearing in the matter of Mark Faiz Sakkejha (the "Respondent") was held on February 8, 2012 in Toronto, Ontario before a Hearing Panel of the MFDA's Central Regional Council. The Panel reserved its decision as to whether it would accept or reject the settlement agreement entered into by the Respondent and MFDA Staff on January 4, 2012 (the "Settlement Agreement").
In its Decision and Reasons issued February 9, 2012, the Hearing Panel accepted the Settlement Agreement, as a consequence of which the Respondent has paid a $7,500 fine and $2,500 in costs; shall write an industry course deemed appropriate by MFDA Staff; and has agreed to comply with all MFDA By-laws, Rules and Policies in the future.
In the Settlement Agreement, the Respondent admitted that between June 2005 and July 2008 he:
|(a)||obtained and maintained at least 85 pre-signed client account forms in respect of 16 different client accounts and used the forms to process trades in client accounts on at least 25 occasions, contrary to MFDA Rule 2.1.1;|
|(b)||accepted appointments as co-power of attorney, co-trustee for a family trust and executor for clients and, in the case of client BMS, acted as the executor for client BMS's estate, contrary to (i) MFDA Rule 2.3.1(a) and (ii) the Member's policies and procedures, thereby interfering with the ability of the Member to supervise the Respondent, contrary to MFDA Rules 1.1.2 and 2.5.1.|
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 125 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.
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