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 issues Notice of Settlement Hearing in respect of Fahad Izhar

June 16, 2022 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (the “MFDA”) announced that it has issued a Notice of Settlement Hearing dated May 12, 2022, regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA’s Central Regional Council.

The settlement agreement will be between Staff of the MFDA and Fahad Izhar (the “Respondent”) and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The proposed Settlement Agreement concerns allegations that the Respondent:

  1. in February 2020, signed the signatures of two clients on two account forms, and submitted the account forms to the Member for processing, contrary to MFDA Rule 2.1.1; and
  2. in March 2020, in response to an inquiry from the Member regarding the suitability of a client’s fund holdings, altered a client’s investment objectives on an account form without having met with or discussed the information with the client, and also signed the client’s signature on the account form, contrary to MFDA Rules 2.2.1 and 2.1.1.

The settlement hearing will take place electronically by videoconference on September 22, 2022, commencing at 12:00 p.m. (Eastern), or as soon thereafter as the matter can be held. Members of the public who would like to obtain further particulars should contact hearings@mfda.ca.

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 Settlement Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Settlement Hearing, the Respondent conducted business in the Toronto, 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 80,000 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.