TORONTO, Dec. 6, 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 December 4, 2019 ("Reasons for Decision") in connection with a settlement hearing held in Toronto, Ontario on September 17, 2019 in the matter of Rakeshkumar Patel ("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 years;
- shall pay a fine of $5,000, payable in installments as follows:
- $500 upon acceptance of the Settlement Agreement;
- $500 on or before October 31, 2019;
- $500 on or before November 29, 2019;
- $500 on or before December 31, 2019;
- $500 on or before January 31, 2020;
- $500 on or before February 28, 2020;
- $500 on or before March 31, 2020;
- $500 on or before April 30, 2020;
- $500 on or before May 29, 2020;
- $500 on or before June 30, 2020;
- has paid costs of $2,500; and
- shall in the future comply with MFDA Rules 2.1.1, 2.10, 2.2.1 and 1.1.2.
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]