News Release

For immediate release
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For further information, please contact:

Charles Toth

Vice President, Enforcement

(416) 943-4619

ctoth@mfda.ca

MFDA announces settlement hearing to take place in respect of Ismail Cassim

February 1, 2019 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Ismail Cassim (“Respondent”) by Notice of Hearing dated August 21, 2018.

As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, the settlement hearing will take place on February 5, 2019, commencing at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be heard, in the hearing room at the offices of the MFDA, 121 King Street, Suite 1000, Toronto, Ontario.

The subject matter of the proposed settlement agreement concerns matters for which the Respondent may be disciplined pursuant to ss. 20 and 24.1.1 of By-law No. 1 of the MFDA. In particular, the settlement agreement concerns allegations that the Respondent:

  1. between 2012 and January 15, 2015, collected, maintained or used at least 123 blank pre-signed and photocopied client account forms in respect of 28 clients, contrary to the Member’s policies and procedures, and MFDA Rule 2.1.1;
  2. between December 2011 and September 2014, processed at least 166 trades in 22 client accounts without recording or maintaining adequate evidence of any trade instructions provided by clients, contrary to the Member’s policies and procedures, and MFDA Rules 5.1(b), 2.5, 1.1.2, and 2.1.1; and
  3. on July 24, 2012, misled MFDA Staff during the course of its sales compliance examination of the Respondent’s branch, contrary to MFDA Rule 2.1.1.

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 Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in Brampton, 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 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.