TORONTO, Sept. 29, 2015 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Satya Prakash Agarwal (the "Respondent") by Notice of Hearing (the "Notice of Hearing") dated March 20, 2015.
The hearing of this matter on its merits was held today in Toronto, Ontario before a three-member Hearing Panel of the MFDA's Central Regional Council. Prior to the hearing, the parties filed an Agreed Statement of Facts (the "Agreed Statement of Facts") in which the Respondent admitted to facts constituting contraventions of MFDA By-laws, Rules or Policies, for which he could be penalized by a Hearing Panel pursuant to section 24.1 of MFDA By-law No. 1.
Following submissions from the parties, the Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons for its decision in due course:
- a prohibition from conducting securities related business while in the employ of, or associated with, any MFDA Member for a period of five (5) years;
- a fine in the amount of $35,000; and
- costs in the amount of $5,000.
Copies of the Notice of Hearing and Agreed Statement of Facts are available on the MFDA website at www.mfda.ca. During the period described in the Agreed Statement of Facts, the Respondent carried on business in Mississauga, Ontario.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 103 Members and their over 80,000 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]