April 17, 2018 (Toronto, Ontario) – A Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision dated April 16, 2018 in connection with a settlement hearing held in Vancouver, British Columbia on April 3, 2018 in the matter of Navdeep Sandhu (“Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has been prohibited from acting in the capacity as a branch manager or supervisor while in the employ of or associated with any Member of the MFDA for a period of twelve months;
- shall successfully complete the Branch Manager Course offered by the Canadian Securities Institute prior to acting as a branch manager;
- has paid a fine in the amount of $15,000; and
- has paid costs in the amount of $2,500.
In the Settlement Agreement dated October 20, 2017, the Respondent admitted that between April 2010 and June 2016, he obtained, possessed and used to process transactions, 83 pre-signed account forms in respect of ten clients, contrary to MFDA Rule 2.1.1.
Copies of the Reasons for Decision and the Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in the Surrey, British Columbia 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 82,000 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.