MFDA announces disciplinary proceeding in respect of Neil Kumar
June 27, 2018 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of Neil Kumar (“Respondent”). In its Notice of Hearing dated May 23, 2018, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Between July 2015 and March 2016, the Respondent:
- submitted a loan application for himself which contained false information about his assets and liabilities, and also contained a fabricated account statement;
- submitted a line of credit application for himself which contained false information about his assets and liabilities;
- arranged for two individuals to submit line of credit applications which he knew, or ought to have known, contained false information about their assets, and also contained fabricated account statements; and
- processed a loan application for a client which he knew, or ought to have known, contained a fabricated account statement,
thereby failing to observe high standards of ethics and conduct in the transaction of business, or engaging in conduct which is unbecoming and detrimental to the public interest, contrary to MFDA Rule 2.1.1.
Allegation #2: Commencing in August 2016, the Respondent failed to cooperate with MFDA Staff during the course of investigations into his conduct and failed to facilitate access to documents and other records requested by Staff, contrary to sections 22.1 and 22.2 of MFDA By-law No. 1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA’s Central Regional Council on August 14, 2018 at 9:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The appearance will be open to the public, except as may be required for the protection of confidential matters. Members of the public who would like to listen to the teleconference should contact firstname.lastname@example.org to obtain particulars.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, 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 82,000 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.