TORONTO, July 5, 2018 /CNW/ - A Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated July 4, 2018 in connection with a settlement hearing held in Vancouver, British Columbia on June 11, 2018 in the matter of Shahin Golestani ("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 any MFDA Member for a period of two years;
- has paid a fine in the amount of $5,000; and
- has paid costs in the amount of $2,500.
In the Settlement Agreement dated April 25, 2018, the Respondent admitted that between November 7, 2014 to May 6, 2015, he failed to use due diligence to learn and accurately record Know-Your-Client information, for 21 client accounts and ensure that each order accepted and recommendation made for the accounts of clients was suitable for the client, contrary to MFDA Rules 2.2.1 and 2.1.1.
Copies of the Reasons for Decision and the Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in the Burnaby, 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