File No. 2017109
IN THE MATTER OF A SETTLEMENT HEARING PURSUANT TO SECTION 24.4 OF BY-LAW NO. 1 OF THE MUTUAL FUND DEALERS ASSOCIATION OF CANADA
Re: Navdeep Singh Sandhu
(ARISING FROM SETTLEMENT HEARING ON APRIL 3, 2018)
WHEREAS on October 27, 2017, the Mutual Fund Dealers Association of Canada (“MFDA”) issued a Notice of Settlement Hearing in respect of Navdeep Singh Sandhu (“Respondent”);
AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated October 20, 2017 (“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,
- between April 2010 and June 2016, the Respondent obtained, possessed and used to process transactions, 83 pre-signed account forms in respect of 10 clients, 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 be prohibited from acting in the capacity as a branch manager or supervisor while in the employ of or associated with any Member of the MFDA for a period of 12 months, pursuant to s. 24.1.1(e) of MFDA By-law No. 1;
- the Respondent shall successfully complete the Branch Manager Course offered by the Canadian Securities Institute prior to acting as a branch manager;
- the Respondent shall pay a fine of $15,000, pursuant to Section 24.1.1(b) of MFDA Bylaw No. 1;
- the Respondent shall pay costs in the amount of $2,500, pursuant to section 24.2 of Bylaw No. 1; and
DATED: Apr 3, 2018
"Robert G. Ward"
Robert G. Ward
"Holly A. Millar"
Holly A. Millar
"Barbara E. Fraser"
Barbara E. Fraser