WHEREAS on January 31, 2019, the Mutual Fund Dealers Association of Canada (the “MFDA”) issued a News Release announcing that it proposes to hold a hearing to consider whether, pursuant to section 24.4 of MFDA By-law No. 1, a hearing panel of the Central Regional Council (the “Hearing Panel”) of MFDA should accept the settlement agreement entered into between Staff of the MFDA (“Staff”) and the Respondent, Ranjit Singh Dhaliwal (the “Respondent”);
AND WHEREAS the Respondent entered into a settlement agreement with Staff, dated January 29, 2019 (the “Settlement Agreement”), in which the Respondent agreed to a proposed settlement of matters for which the Respondent could be disciplined pursuant to ss. 20 and 24.1 of By-law No. 1;
AND WHEREAS the Hearing Panel is of the opinion that the Respondent
- between January 2010 and in or about January 2014, obtained, possessed, and in some instances, used to process transactions, 10 pre-signed account forms in respect of 7 clients, contrary to MFDA Rule 2.1.1; and
- between January 2014 and November 2015, altered, and used to process transactions, 8 account forms in respect of 4 clients by altering information on the account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1.
IT IS HEREBY ORDERED THAT the Settlement Agreement is accepted, as a consequence of which:
- The Respondent shall pay a fine in the amount of $12,500, pursuant to s. 24.1.1(b) of MFDA By-law No.1, in instalments as follows:
- $2,000 in certified funds upon acceptance of the Settlement Agreement;
- $1,750 in certified funds on or before April 30, 2019;
- $1,750 in certified funds on or before May 31, 2019;
- $1,750 in certified funds on or before June 28, 2019;
- $1,750 in certified funds on or before July 31, 2019;
- $1,750 in certified funds on or before August 30, 2019; and
- $1,750 in certified funds on or before September 30, 2019.
- The Respondent shall pay costs in the amount of $2,500 in certified funds upon acceptance of the Settlement Agreement, pursuant to s. 24.2 of MFDA By-law No.1.
- The Respondent shall in the future comply with MFDA Rule 2.1.1.
Frederick W. ChenowethFrederick W. ChenowethChair
Linda J. AndersonLinda J. AndersonIndustry Representative
Guenther W. K. KlebergGuenther W. K. KlebergIndustry Representative