MFDA Hearing Panel approves settlement agreement with Devendra Sharma
February 23, 2018 (Toronto, Ontario) – A settlement hearing in the matter of Devendra Prakash Sharma (“Respondent”) was held yesterday in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Hearing Panel approved the settlement agreement dated January 31, 2018 (“Settlement Agreement”) between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $30,000;
- costs in the amount of $2,500;
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with any Member of the MFDA for a period of one month commencing March 2, 2018; and
- in the future shall comply with Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that between February 2007 and December 2014, he obtained, possessed, and in some instances, used to process transactions, 393 pre-signed account forms in respect of at least 131 clients, contrary to MFDA Rule 2.1.1.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in Toronto, Ontario.
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.