TORONTO, April 26, 2012 /CNW/ - A disciplinary hearing in the matter of Bayant S. Dhindsa was held yesterday in Vancouver, British Columbia before a three-person Hearing Panel of the MFDA's Pacific Regional Council. The Hearing Panel found that the allegations set out in the Notice of Hearing dated September 22, 2011 had been established:
Allegation #1: Commencing in 2006 and continuing to April 2009, the Respondent had and continued in other gainful occupations that were not disclosed to and approved by the Member by:
a) acting as President and Director/Officer of a corporation known as Dynegent Technologies Inc.;
b) acting as President and Director/Officer of a corporation known as Vonifone Inc.; and
c) acting as Director of a corporation known as J. Dahl's Trading Inc.; contrary to MFDA Rules 1.2.1(d) and 2.1.1.
Allegation #2: Commencing in 2006 and continuing to April 2009, the Respondent failed to comply with the policies and procedures of the Member by engaging in outside business activities which were not disclosed to and approved by the Member, thereby interfering with the Member's ability to supervise the Respondent, contrary to MFDA Rules 1.1.2 and 2.5.1.
The Hearing Panel made the following orders at the conclusion of the hearing and advised that it would issue written reasons for its decision in due course:
- a permanent prohibition on the authority of the Respondent to conduct securities related business while in the employ of or associated with any Member of the MFDA;
- a fine in the amount of $15,000; and
- costs in the amount of $5,000.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 123 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.
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