TORONTO, April 4, 2018 /CNW/ - A settlement hearing in the matter of Navdeep Sandhu ("Respondent") was held yesterday in Vancouver, British Columbia before a Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a prohibition from acting in the capacity as a branch manager or supervisor while in the employ of or associated with any Member of the MFDA for a period of twelve months;
- successful completion of the Branch Manager Course offered by the Canadian Securities Institute prior to acting as a branch manager;
- a fine in the amount of $15,000; and
- costs in the amount of $2,500.
In the Settlement Agreement dated October 20, 2017, the Respondent admitted that between April 2010 and June 2016, he obtained, possessed and used to process transactions, 83 pre-signed account forms in respect of ten 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 Surrey, 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 82,000 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