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HomeCompleted Hearings201942 - Lachman Hassaram Balani › Order2-201942

File No. 201942

IN THE MATTER OF A DISCIPLINARY HEARING PURSUANT TO SECTIONS 20 AND 24 OF BY-LAW NO. 1 OF THE MUTUAL FUND DEALERS ASSOCIATION OF CANADA

Re: Lachman Hassaram Balani

Order

(ARISING FROM DECISION (PENALTY) AND REASONS DATED JUNE 16, 2020)

WHEREAS the hearing on the merits in this matter was held before the Hearing Panel on December 10, 2019;

AND WHEREAS the Hearing Panel in this matter issued an order on December 10, 2010 wherein it, among other things:

  1. stated its opinion that the Respondent, Lachman Hassaram Balani, had contravened Rules, By-laws and Policies of the MFDA; and
  2. ordered that the penalty hearing in this matter be held on a date to be scheduled after issuance of its written reasons for decision (“Decision”);

AND WHEREAS the Hearing Panel issued and released its written Decision on February 10, 2020;

AND WHEREAS on April 14, 2020 the Hearing Panel ordered that the penalty hearing in this matter be held electronically on May 26, 2020;

AND WHEREAS the penalty hearing in this matter was held by video-teleconference on May 26, 2020;

AND WHEREAS the Respondent did not attend or otherwise participate at the penalty hearing although duly notified by Staff  (“Staff”) of the Mutual Fund Dealers Association (“MFDA”) of its date and location;

AND WHEREAS during the penalty hearing the Hearing Panel considered the submissions made by Staff;

AND WHEREAS on June 16, 2020 the Hearing Panel issued written decision and reasons concerning penalties to be imposed on the Respondent;

IT IS HEREBY ORDERED THAT:

  1. the Respondent is permanently prohibited from conducting securities related business while in the employ of, or associated with, any MFDA Member, pursuant to section 24.1(e) of By-law No. 1;
  2. the Respondent shall pay a fine in the amount of $125,000 pursuant to s. 24. 1.1(b) of MFDA By-law No. 1; and
  3. the Respondent shall pay costs of this proceeding in the amount of $7,500 pursuant to s. 24.2 of MFDA By-law No. 1.

DATED: Jun 16, 2020

"W. A. Derry Millar"

W. A. Derry Millar

Chair


"Patrick Galarneau"

Patrick Galarneau

Industry Representative


"Rob Christianson"

Rob Christianson

Industry Representative


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