TORONTO, Feb. 23, 2015 /CNW/ - A Settlement Hearing in the matter of Jarnail S. Kahlon (the "Respondent") was held today in Toronto, Ontario before a three-person Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA"). The Hearing Panel accepted the Settlement Agreement ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the Respondent:
- shall pay a fine in the amount of $5,000, payable as follows:
- $500 shall be paid upon acceptance of the Settlement Agreement;
- 9 installments of $500 shall be paid on or before the final business day of each month following the acceptance of the Settlement Agreement;
- shall pay costs in the amount of $2,500, payable as follows:
- $250 shall be paid upon acceptance of the Settlement Agreement;
- 9 installments of $250 shall be paid on or before the final business day of each month following the acceptance of the Settlement Agreement; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that between about May 2012 and January 2014, he obtained, maintained and, in some instances, used to process trades, 21 blank pre-signed trade forms in respect of 16 clients, contrary to MFDA Rule 2.1.1.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in the Brampton, 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 107 Members and their approximately 80,000 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: Hugh Corbett, Managing Director, Enforcement, 416-943-4685, [email protected]