August 3, 2017 (Toronto, Ontario) – A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision in connection with a hearing held in Toronto, Ontario on July 26, 2017 in the matter of Arash Gabriel Armani (“Respondent”). The Reasons for Decision relate to the Hearing Panel’s finding of misconduct and impose sanctions on the Respondent.
In its Reasons for Decision dated August 3, 2017, the Hearing Panel confirmed its finding of misconduct and imposed the following sanctions on the Respondent:
- a permanent prohibition on the Respondent’s authority to conduct securities related business in any capacity while in the employ of or associated with any MFDA Member, pursuant to s. 24.1.1(e) of MFDA By-law No. 1;
- a fine in the amount of $75,000, pursuant to s. 24.1.1(b) of MFDA By-law No. 1; and
- costs in the amount of $7,500, pursuant to s. 24.2 of MFDA By-law No. 1.
A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in the Toronto, Ontario 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.