TORONTO, July 22, 2019 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated July 22, 2019 ("Reasons for Decision") in connection with a settlement hearing held in Toronto, Ontario on June 6, 2019 in the matter of Pravinchandra Shah ("Respondent").
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- is prohibited from conducting securities related business in any capacity while in the employ of or associated with a Member of the MFDA for a period of two months;
- shall pay a fine of $10,000, payable as follows:
- $2,500 upon acceptance of the Settlement Agreement;
- $1,250 on or before July 31, 2019;
- $1,250 on or before August 30, 2019;
- $1,250 on or before September 30, 2019;
- $1,250 on or before October 31, 2019;
- $1,250 on or before November 29, 2019;
- $1,250 on or before December 31, 2019;
- shall pay costs of $2,500; and
- shall in the future comply with MFDA Rules 2.1.1.
A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent conducted business in the Scarborough, 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 Members and their approximately 81,000 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: Charles Toth, Managing Director, Litigation, 416-943-4619, [email protected]