May 13, 2020 (Toronto, Ontario) – A settlement hearing in the matter of Rohit Jaswal (“Respondent”) was held today by electronic hearing in Vancouver, British Columbia before a three-member Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Hearing Panel approved the settlement agreement dated May 11, 2020 (“Settlement Agreement”) between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of 6 months;
- a fine in the amount of $5,000 (“Fine”);
- costs in the amount of $2,500 (“Costs”);
- payment of the Fine and Costs shall be made as follows:
- $1,500 (Costs) payable upon acceptance of the Settlement Agreement;
- $1,000 (Costs) on or before June 30, 2020;
- $1,000 (Fine) on or before July 31, 2020;
- $1,000 (Fine) on or before August 31, 2020;
- $1,000 (Fine) on or before September 30, 2020;
- $1,000 (Fine) on or before October 30, 2020;
- $1,000 (Fine) on or before November 30, 2020; and
- if the Respondent becomes registered again in the future, he shall in the future comply with MFDA Rules 2.1.1, 2.3.1(b), 2.5.1, 2.10 and 1.1.2.
In the Settlement Agreement, the Respondent admitted that:
- between June 23, 2017 and July 17, 2017, he processed five unauthorized trades in the investment accounts of four clients, contrary to the policies and procedures of the Member and MFDA Rules 2.3.1(b), 2.1.1, 2.5.1, 2.10 and 1.1.2; and
- between May and June 2017, he obtained, possessed, and used to process transactions, seven pre-signed account forms in respect of four clients, contrary to the policies and procedures of the Member and MFDA Rules 2.1.1, 2.5.1, 2.10 and 1.1.2.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement 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 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.