June 8, 2017 (Toronto, Ontario) – A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision (“Reasons for Decision”) in connection with a settlement hearing held in Toronto, Ontario on April 27, 2017 in the matter of Annaji Kumar (“Respondent”).
In its Reasons for Decision dated June 7, 2017, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has been prohibited from conducting securities related business in the employ of or associated with a Member of the MFDA for a period of six (6) months;
- shall pay costs in the amount of $1,500, the terms of which are as follows:
- $900 payable upon entering into the Settlement Agreement; and
- $600 on July 27, 2017;
- shall successfully complete the Branch Managers Course offered by either the Canadian Securities Institute or the Investment Funds Institute of Canada prior to being re-designated as a branch manager;
- shall in the future comply with MFDA Rules 2.1.1 and 2.5.5(f).
A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in the Milton, 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 83,000 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.
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