Order

WHEREAS on February 28, 2017, the Mutual Fund Dealers Association of Canada (the “MFDA”) issued a Notice of Hearing pursuant to section 24.4 of By-law No. 1 in respect of Mahmoud Rihawi (“Rihawi”), Attal Golzay (“Attal”), Ajmal Golzay (“Ajmal”), Roomal Golzay (“Roomal”), Mustafa Sayed Hashimi (“Mustafa”), Sayed Mohammed Zobair Hashimi (“Zobair”), Sama Tabesh (“Tabesh”), Saadet Kolgekaya (“Kolgekaya”), Hammond Lieu (“Lieu”), Rhea Galias Fortes (“Fortes”), Shameel Rawani (“Rawani”), Anjum Pathan (“Pathan”), Mohammad Yunas Masood (“Masood”) and Juliene da Rosa Lima (“Lima”) (collectively referred to as the “Respondents”);

AND WHEREAS Lieu entered into a settlement agreement with Staff of the MFDA, dated May 10, 2018 (the “Lieu Settlement Agreement”), in which Lieu agreed to a proposed settlement of matters for which Lieu could be disciplined pursuant to ss. 20 and 24.1 of By-law No. 1;

AND WHEREAS on November 27, 2018 the Hearing Panel issued a Decision and Reasons wherein it accepted the Lieu Settlement Agreement and ordered that Lieu be permanently prohibited from acting as a mutual fund salesperson, pursuant to section 24.1(e) of By-law No. 1;

AND WHEREAS Tabesh entered into an agreed statement of facts with Staff dated May 15, 2017 (the “Tabesh Agreed Statement of Facts”) wherein Tabesh admitted to facts and  contraventions of MFDA Rules for which the Respondent could be disciplined pursuant to ss. 20 and 24.1 of By-law No. 1;

AND WHEREAS the hearing on the merits against Tabesh was held before the Hearing Panel on May 16, 2018, which hearing commenced immediately after the conclusion of the Lieu Settlement Hearing, during which time the Hearing Panel considered the Tabesh Agreed Statement of Facts and submissions made by counsel for Tabesh and Staff;

AND WHEREAS the hearing on the merits against Rihawi, Attal, Ajmal, Roomal, Mustafa, Zobair, Kolgekaya, Fortes, Rawani, Pathan, Masood (collectively, the “Remaining Respondents”) and Lima was held before the Hearing Panel on May 16 and 17, 2018 and commenced immediately after the Tabesh ASF Hearing (the “Hearing on the Merits”);

AND WHEREAS none of the Remaining Respondents delivered a Reply to the Notice of Hearing;

AND WHEREAS no one appeared at the hearing on the merits on behalf of the Remaining Respondents;

AND WHEREAS at the commencement of the hearing on the merits against the Remaining Respondents Staff withdrew all allegations made in the Notice of Hearing as against Lima and informed the Hearing Panel that it was no longer proceeding as against Lima;

AND WHEREAS during the hearing on the merits against the Remaining Respondents the Hearing Panel considered the evidence filed by, and the submissions of, Staff;

AND WHEREAS on November 27, 2018 the Hearing Panel issued its Decision and Reasons in regard of Tabesh and the Remaining Respondents wherein it found that the Remaining Respondents other than Lima had contravened MFDA Rules, Policies and By-laws;

AND WHERAS pursuant to its Decisions and Reasons, and in implementation thereof, the Hearing Panel is issuing this order;

IT IS HEREBY ORDERED THAT:

1. If at any time a non-party to this proceeding, with the exception of the bodies set out in section 23 of MFDA By-law No. 1, requests production of or access to exhibits in this proceeding that contain personal information as defined by the MFDA Privacy Policy, then the MFDA Corporate Secretary shall not provide copies of or access to the requested exhibits to the non-party without first redacting from them any and all personal information, pursuant to Rules 1.8(2) and (5) of the MFDA Rules of Procedure; and
2. Tabesh shall:
   1. be permanently prohibited from being registered in any capacity while employed by or associated with any Member of the MFDA, pursuant to section 24.1(e) of By-law No. 1;
   2. pay a total fine in the amount of $35,000, pursuant to s. 24. 1.1(b) of MFDA By-law No. 1 (the “Tabesh Fine”); and
   3. pay costs of Staff’s investigation and the hearing on the merits in the amount of $5,000, pursuant to s. 24.2 of MFDA By-law No.1 (the “Tabesh Costs”).
3. The Tabesh Fine and Costs, totaling $40,000, shall be paid as follows:
   1. The first $30,000 shall be paid in 60 equal installments of $500 (the “installment payments”), payable on or before the 1^st day of each month, commencing 15 days after this order has been issued; and
   2. The remaining $10,000 balance owing thereafter shall be paid no later than one month after Tabesh has paid his last installment payment;
   3. In the event Tabesh defaults in making an installment payment, the entire amount of the Tabesh Fine and Costs shall become immediately due and payable;
4. Attal shall:
   1. be permanently prohibited from being registered in any capacity while employed by or associated with any Member of the MFDA, pursuant to section 24.1(e) of By-law No. 1;
   2. pay a total fine in the amount of $110,000, pursuant to 24. 1.1(b) of MFDA By-law No. 1; and
   3. pay costs of Staff’s investigation and the hearing on the merits against in the amount of $2,500, pursuant to s. 24.2 of MFDA By-law No.1;
5. Mustafa shall:
   1. be permanently prohibited from being registered in any capacity while employed by or associated with any Member of the MFDA, pursuant to section 24.1(e) of By-law No. 1;
   2. pay a total fine in the amount of $85,000, pursuant to s. 24. 1.1(b) of MFDA By-law No. 1; and
   3. pay costs of Staff’s investigation and the hearing on the merits against in the amount of $2,500, pursuant to s. 24.2 of MFDA By-law No.1;
6. Kolgekaya shall:
   1. be permanently prohibited from being registered in any capacity while employed by or associated with any Member of the MFDA, pursuant to section 24.1(e) of By-law No. 1;
   2. pay a total fine in the amount of $85,000, pursuant to s. 24. 1.1(b) of MFDA By-law No. 1; and
   3. pay costs of Staff’s investigation and the hearing on the merits against in the amount of $2,500, pursuant to s. 24.2 of MFDA By-law No.1;
7. Rihawi shall:
   1. be permanently prohibited from being registered in any capacity while employed by or associated with any Member of the MFDA, pursuant to section 24.1(e) of By-law No. 1;
   2. pay a total fine in the amount of $85,000, pursuant to s. 24. 1.1(b) of MFDA By-law No. 1; and
   3. pay costs of Staff’s investigation and the hearing on the merits against in the amount of $2,500, pursuant to s. 24.2 of MFDA By-law No.1;
8. Roomal shall:
   1. be permanently prohibited from being registered in any capacity while employed by or associated with any Member of the MFDA, pursuant to section 24.1(e) of By-law No. 1;
   2. pay a total fine in the amount of $70,000, pursuant to s. 24. 1.1(b) of MFDA By-law No. 1; and
   3. pay costs of Staff’s investigation and the hearing on the merits against in the amount of $2,500, pursuant to s. 24.2 of MFDA By-law No.1;
9. Ajmal shall:
   1. be permanently prohibited from being registered in any capacity while employed by or associated with any Member of the MFDA, pursuant to section 24.1(e) of By-law No. 1;
   2. pay a total fine in the amount of $70,000, pursuant to s. 24. 1.1(b) of MFDA By-law No. 1; and
   3. pay costs of Staff’s investigation and the hearing on the merits against in the amount of $2,500, pursuant to s. 24.2 of MFDA By-law No.1;
10. Zobair shall:
    1. be permanently prohibited from being registered in any capacity while employed by or associated with any Member of the MFDA, pursuant to section 24.1(e) of By-law No. 1;
    2. pay a total fine in the amount of $80,000, pursuant to s. 24. 1.1(b) of MFDA By-law No. 1; and
    3. pay costs of Staff’s investigation and the hearing on the merits against in the amount of $2,500, pursuant to s. 24.2 of MFDA By-law No.1;
11. Rawani shall:
    1. be permanently prohibited from being registered in any capacity while employed by or associated with any Member of the MFDA, pursuant to section 24.1(e) of By-law No. 1;
    2. pay a total fine in the amount of $70,000, pursuant to s. 24. 1.1(b) of MFDA By-law No. 1; and
    3. pay costs of Staff’s investigation and the hearing on the merits against in the amount of $2,500, pursuant to s. 24.2 of MFDA By-law No.1;
12. Pathan shall:
    1. be permanently prohibited from being registered in any capacity while employed by or associated with any Member of the MFDA, pursuant to section 24.1(e) of By-law No. 1;
    2. pay a total fine in the amount of $65,000, pursuant to s. 24. 1.1(b) of MFDA By-law No. 1; and
    3. pay costs of Staff’s investigation and the hearing on the merits against in the amount of $2,500, pursuant to s. 24.2 of MFDA By-law No.1;
13. Masood shall:
    1. be permanently prohibited from being registered in any capacity while employed by or associated with any Member of the MFDA, pursuant to section 24.1(e) of By-law No. 1;
    2. pay a total fine in the amount of $70,000, pursuant to s. 24. 1.1(b) of MFDA By-law No. 1; and
    3. pay costs of Staff’s investigation and the hearing on the merits against in the amount of $2,500, pursuant to s. 24.2 of MFDA By-law No.1; and
14. Fortes shall:
    1. be permanently prohibited from being registered in any capacity while employed by or associated with any Member of the MFDA, pursuant to section 24.1(e) of By-law No. 1;
    2. pay a total fine in the amount of $40,000, pursuant to s. 24. 1.1(b) of MFDA By-law No. 1; and
    3. pay costs of Staff’s investigation and the hearing on the merits against in the amount of $2,500, pursuant to s. 24.2 of MFDA By-law No.1;