September 9, 2020 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Rajvir Kaur Hothi (“Respondent”) by Notice of Hearing dated February 7, 2020.
A disciplinary hearing in this proceeding was held by electronic hearing today in Edmonton, Alberta before a three-member Hearing Panel of the MFDA’s Prairie Regional Council. After receiving evidence and hearing submissions by Staff of the MFDA, the Hearing Panel found that the allegations set out in the Notice of Hearing had been established. In particular, the Hearing Panel made the following findings of misconduct:
Allegation #1: Between October 25, 2017 and January 8, 2018, the Respondent misappropriated monies from two clients and two other individuals, contrary to MFDA Rule 2.1.1.
Allegation #2: Commencing in March 2018, the Respondent failed to cooperate with the MFDA’s investigation into her conduct, contrary to Section 22.1 of MFDA By-law No. 1.
Following submissions from Staff of the MFDA with respect to penalty, the Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons in due course:
- a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member;
- a fine in the amount of $90,000; and
- costs in the amount of $6,500.
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 carried on business in the Edmonton, Alberta 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 81,000 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.