TORONTO, Sept. 11, 2012 /CNW/ - The MFDA today announced that it has issued a Notice of Settlement Hearing regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA's Central Regional Council.
The settlement agreement will be between Staff of the MFDA and Imtiaz ("Tim") Mahamood Mohamed (the "Respondent") and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The proposed agreement concerns allegations that:
|(a)||from 2002 to at least April 2007, the Respondent obtained 43 blank or partially completed pre-signed trade forms for 30 clients, and maintained the said forms until November 1, 2007, contrary to MFDA Rule 2.1.1;|
|(b)||from February 20, 2002 to August 22, 2005, the Respondent engaged in 22 instances of discretionary trading in the accounts of seven clients (all of which was known to and authorized by the clients), contrary to MFDA Rule 2.1.1; and|
|(c)||on January 4, 2008, the Respondent swore an affidavit in which he provided misleading information to the OSC, contrary to MFDA Rule 2.1.1.|
The settlement hearing is scheduled to take place on December 3, 2012 at 10:00 a.m. (Eastern) in the MFDA hearing room located at 121 King Street West, Suite 1000, Toronto, Ontario. The hearing will be open to the public, except as may be required for the protection of confidential matters.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 120 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
For further information:
416-943-4672 or [email protected]