TORONTO, Dec. 3, 2012 /CNW/ - A Settlement Hearing in the matter of Imtiaz ("Tim") Mahamood Mohamed (the "Respondent") was held today in Toronto, Ontario before a Hearing Panel of the MFDA's Central Regional Council. The Hearing Panel accepted the Settlement Agreement between MFDA Staff and the Respondent, as a consequence of which the Respondent:
- has been suspended from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of one (1) month;
- has successfully completed the IFSE (IFIC) Mutual Fund Dealer Compliance course;
- had paid a fine of $20,000; and
- has paid costs of $5,000.
In the Settlement Agreement, the Respondent admitted that:
- from 2002 to at least April 2007, he obtained 43 blank or partially completed pre-signed trade forms for 30 clients, and maintained the forms until November 1, 2007, contrary to MFDA Rule 2.1.1;
- from February 20, 2002 to August 22, 2005, he engaged in 22 instances of discretionary trading in the accounts of seven clients (all of which was known to and authorized by the clients), contrary to MFDA Rule 2.1.1; and
- on January 4, 2008, he swore an affidavit in which he provided misleading information to the Ontario Securities Commission, contrary to MFDA Rule 2.1.1.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 118 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
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