WHEREAS on July 19, 2017 the Mutual Fund Dealers Association of Canada (“MFDA”) issued a Notice of Hearing pursuant to section 24.4 of By-law No. 1 in respect of Paul Singh Gill (“Respondent”);
AND WHEREAS the first appearance in this proceeding took place by teleconference before the Chair of a hearing panel of the Pacific Regional Council of the MFDA (“Hearing Panel”) on September 25, 2017 at 10:00 a.m. (Pacific) in accordance with s. 19.13(b) of MFDA Bylaw No. 1;
AND WHEREAS on September 12, 2017, the Respondent and the MFDA entered into an Agreed Statement of Facts;
AND WHEREAS on January 11, 2018, the Hearing Panel conducted a hearing of the matters as described in the Notice of Hearing;
AND WHEREAS in the opinion of the Hearing Panel,
- on December 19, 2015, the Respondent signed the signatures of three (3) clients on two (2) Know-Your-Client forms and on one (1) account form, contrary to MFDA Rule 2.1.1;
- on December 19, 2015, the Respondent failed to use due diligence to learn the essential facts of the client when he completed the information on two (2) Know-Your-Client forms without having met or discussed the information with the clients, contrary to MFDA Rule 2.2.1 and 2.1.1; and
- on December 19, 2015, the Respondent falsely represented to his branch manager that he had contacted clients and obtained their signatures on account forms, when he knew this to be incorrect, contrary to MFDA Rule 2.1.1.
IT IS HEREBY ORDERED THAT:
- the Respondent shall be prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of one year, commencing from the date of the Hearing Panel’s Order, pursuant to s.24.1.1(e) of MFDA By-law No. 1;
- the Respondent shall pay a fine in the amount of $5,000, pursuant to section 24.1.1(b) of By-law No. 1;
- the Respondent shall pay costs in the amount of $2,500, pursuant to section 24.2 of By-law No. 1; and
- if at any time a non-party to this proceeding requests production of, or access to, any materials filed in, or the record of, this proceeding, including all exhibits and transcripts, then the MFDA Corporate Secretary shall not provide copies of, or access to, the requested documents to the non-party without first redacting from them any and all intimate financial or personal information, pursuant to Rules 1.8(2) and (5) of the MFDA Rules of Procedure.
Joseph BernardoJoseph BernardoChair
Kathleen JostKathleen JostIndustry Representative
Robert SokugawaRobert SokugawaIndustry Representative