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 Hearing Panel accepts settlement agreement with Muhammad Fahad

July 30, 2021 (Toronto, Ontario) – A settlement hearing in the matter of Muhammad Fahad (“Respondent”) was held today by electronic hearing, before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).

The Hearing Panel accepted the settlement agreement dated May 11, 2021 (“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 two years;
  • a fine in the amount of $21,000;
  • costs in the amount of $5,000;
  • shall successfully complete the Ethics and Professional Conduct Course offered by the IFSE Institute, or an ethics course acceptable to Staff of the MFDA, prior to becoming re-registered as a dealing representative with a Member of the MFDA; and
  • shall in the future comply with MFDA Rule 2.1.1.

In the Settlement Agreement, the Respondent admitted that:

  1. between April 2018 and January 2019, he signed the signature or initials of 16 clients on 38 account forms and, in some instances, submitted the forms to the Member for processing, contrary to MFDA Rule 2.1.1;
  2. between April 2018 and January 2019, he signed the signature of another Approved Person on 3 account forms in respect of 2 clients and submitted the forms to the Member for processing, contrary to MFDA Rule 2.1.1;
  3. on September 26, 2018, he altered 2 account forms in respect of 1 client by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1; and
  4. between April 2018 and July 2018, he obtained and possessed 3 pre-signed account forms in respect of 3 clients, contrary to MFDA Rule 2.1.1.

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 conducted business out in the St. Catharines, 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.