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MFDA Hearing Panel issues Decision and Reasons (Penalty) in the matter of Neil Kumar

For further information, please contact:

Charles Toth
Vice President, Enforcement

MFDA Hearing Panel issues Decision and Reasons (Penalty) in the matter of Neil Kumar

March 28, 2019 (Toronto, Ontario) – A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Decision and Reasons (Penalty) dated March 27, 2019 (“Decision and Reasons”) in connection with a disciplinary hearing held in Toronto, Ontario on March 18, 2019 in the matter of Neil Kumar (“Respondent”).

In its Decision and Reasons, the Hearing Panel imposed the following sanctions on the Respondent:

  • a permanent prohibition on the Respondent’s authority to conduct securities related business in any capacity while in the employ of or associated with any MFDA Member;
  • a fine in the amount of $250,000; and
  • costs in the amount of $10,000.

A copy of the Decision and Reasons (Penalty) is available on the MFDA website at www.mfda.ca. During the period described in the Decision and Reasons (Penalty), the Respondent conducted business in the Mississauga, Ontario, area.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 81,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA’s complaint and enforcement processes, as well as links to ‘Check an Advisor’ and other Investor Tools, visit the For Investors page on the MFDA website.

DM 670660