November 15, 2023 (Toronto, Ontario) – A Hearing Panel of the Canadian Investment Regulatory Organization (“CIRO”), has issued its Reasons for Decision dated February 7, 2023 (“Reasons for Decision”), in connection with a settlement hearing held electronically by videoconference in Toronto, Ontario on January 19, 2023 in the matter of Nazim Mohammed (the “Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- shall be suspended from conducting securities related business in any capacity while in the employ of or associated with any Dealer Member registered as a mutual fund dealer (formerly Members of the MFDA) for a period of two (2) years, commencing January 19, 2023;
- shall pay a fine in the amount of $15,000; and
- shall pay costs in the amount of $5,000.
A copy of the Reasons for Decision 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 Markham, Ontario area.
The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.