TORONTO, July 31, 2012 /CNW/ - A Settlement Hearing in the matter of Ahsan Hanif Ladha (the "Respondent") was held today in Calgary, Alberta before a Hearing Panel of the MFDA's Prairie Regional Council.
The Hearing Panel approved the Settlement Agreement between MFDA Staff and the Respondent, as a consequence of which the Respondent:
- is prohibited from conducting securities related business while in the employ of, or associated with, any MFDA Member for 24 months;
- has paid costs in the amount of $2,500; and
- shall in the future comply with all MFDA By-laws, Rules and Policies, and all applicable securities legislation and regulations made thereunder, including MFDA Rule 1.1.1.
In the Settlement Agreement, the Respondent admitted that between June 2009 and June 2010, he engaged in securities related business that was not carried on for the account and through the facilities of the Member by giving investment advice in relation to, and making trades in, equity securities in the on-line discount brokerage accounts of client MM and individual JB, contrary to MFDA Rule 1.1.1.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 121 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
For further information:
416-943-4672 or [email protected]