TORONTO, March 16, 2016 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Mohammed Yaasir Husain (the "Respondent") by Notice of Hearing (the "Notice of Hearing") dated November 17, 2015.
A disciplinary hearing in this matter was held on March 15, 2016 in Vancouver, British Columbia before a Hearing Panel of the MFDA's Pacific Regional Council. After hearing the evidence and submissions from the parties, the Hearing Panel found that the following allegation concerning the Respondent had been established:
Allegation #1: On March 26, 2014 the Respondent falsified a client's signature on an account form in order to process redemptions in the client's account, contrary to MFDA Rule 2.1.1.
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 fine in the amount of $2,500;
- costs in the amount of $5,000; and
- shall pay the above noted fine and costs by June 15, 2016.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent carried on business in the Victoria, 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 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]