April 25, 2019 (Toronto, Ontario) – A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision dated April 24, 2019 (“Reasons for Decision”) in connection with a settlement hearing held in Toronto, Ontario on February 5, 2019 in the matter of Ismail Cassim (“Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- is prohibited from conducting securities related business in any capacity while in the employ of or associated with a MFDA Member for a period of one year;
- shall pay a fine of $15,000 (“Fine”);
- shall pay costs of $5,000 (“Costs”);
- the Fine and Costs shall be paid in monthly installments as follows:
- $5,000 on February 5, 2019;
- $2,500 on or before March 4, 2019;
- $2,500 on or before April 4, 2019;
- $2,500 on or before May 4, 2019;
- $2,500 on or before June 4, 2019;
- $2,500 on or before July 4, 2019; and
- $2,500 on or before August 4, 2019.
A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent conducted business in the Brampton, 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 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.