October 3, 2022 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (the “MFDA”) announced that it has issued a Notice of Settlement Hearing dated September 12, 2022, regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA’s Pacific Regional Council.
The settlement agreement will be between Staff of the MFDA and Majid Hassanshahi (the “Respondent”) and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The proposed settlement agreement concerns allegations that the Respondent:
- on or about February 18, 2020, processed switches in the account of a client without the client’s authorization, contrary to the policies and procedures of the Member and MFDA Rules 2.1.1, 1.1.2 (as it relates to MFDA Rule 2.5.1); and
- on or about February 18, 2020, created false notes that purported to record trade instructions received from a client which the Respondent had not in fact received, contrary to MFDA Rule 2.1.1.
The settlement hearing will take place electronically by videoconference on December 2, 2022, commencing at 10:00 a.m. (Pacific), or as soon thereafter as the matter can be held. Members of the public who would like to obtain further particulars should contact email@example.com.
MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.
A copy of the Notice of Settlement Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Settlement Hearing, the Respondent conducted business in the Squamish and Whistler, British Columbia areas.
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 76,695 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.