MFDA Order

View and Download English PDF
HomeCompleted Hearings201717 - Mohamed Said Ahmed Al-Bayoumi › Order201717

File No. 201717

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: Mohamed Said Ahmed Al-Bayoumi

Order

(ARISING FROM SETTLEMENT HEARING ON SEPTEMBER 28, 2017)

WHEREAS on February 8, 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 Mohamed Said Ahmed Al-Bayoumi (“Respondent”);

AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated June 14, 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:

  1. between July 2007 and September 2014, the Respondent obtained, possessed, and in some instances, used to process transactions, 17 pre-signed account forms in respect of 12 clients, contrary to MFDA Rule 2.1.1; and
  2. between December 2010 and August 2013, the Respondent falsified, and in some instances, used to process transactions, 3 account forms in respect of 3 clients, by altering information on the account forms without obtaining client initials authorizing the alterations, contrary to MFDA Rule 2.1.1.

 IT IS HEREBY ORDERED THAT the Settlement Agreement is accepted, as a consequence of which:

  1. the Respondent shall pay a fine in the amount of $5,000 pursuant to s. 24.1.1(b) of MFDA By-law No. 1;
  2. the Respondent shall pay costs in the amount of $2,500 pursuant to s. 24.2 of MFDA By-law No. 1;
  3. the Respondent shall be prohibited from acting in the capacity of branch manager in the employ of or associated with a Member of the MFDA for a period of 18 months, pursuant to s. 24.1.1(e) of MFDA By-law No. 1;
  4. prior to being re-designated as a branch manager, the Respondent shall successfully complete the branch manager’s course offered by the Canadian Securities Institute or the Investment Funds Institute of Canada, pursuant to s. 24.1.1(f) of MFDA By-law No. 1;
  5. the Respondent shall in the future comply with MFDA Rule 1.1; and
  6. 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.

DATED: Sep 28, 2017

"Paul M. Moore"

Paul M. Moore

Chair


"Kenneth P. Mann"

Kenneth P. Mann

Industry Representative


"Joseph Yassi"

Joseph Yassi

Industry Representative


574926 v1