TORONTO, July 26, 2017 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Arash Gabriel Armani (the "Respondent") by Notice of Hearing dated January 2, 2017 (the "Notice of Hearing").
A disciplinary hearing in this matter was held today in Toronto, Ontario before a three-member Hearing Panel of the MFDA's Central Regional Council. After hearing submissions from Staff of the MFDA, the Hearing Panel found that the allegation concerning the Respondent set out in the Notice of Hearing had been established. In particular, the Hearing Panel made the following finding of misconduct against the Respondent:
Allegation #1: Commencing January 2015, the Respondent has failed to cooperate with MFDA Staff during the course of an investigation into his conduct, contrary to section 22.1 of MFDA By-law No. 1.
Following submissions from Staff regarding penalty, the Hearing Panel reserved judgement with respect to penalty, and advised that it will issue its written decision and provide its reasons in due course.
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 83,000 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, Director, Litigation, 416-943-4619, [email protected]