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

Jeff Mount

Vice-President, Pacific Region

(604) 694-8846

jmount@mfda.ca

MFDA Hearing Panel accepts settlement agreement with Alim Kassam

November 16, 2021 (Toronto, Ontario) – A settlement hearing in the matter of Alim Kassam (the “Respondent”) was held on November 12, 2021 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 accepted the settlement agreement dated November 1, 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 acting as a branch manager or in any supervisory capacity for a Member of the MFDA for a period of six months;
  • shall successfully complete the branch manager’s course offered by the Investment Funds Institute of Canada or another course offered by the Canadian Securities Institute or the Investment Funds Institute of Canada that is acceptable to Staff of the MFDA prior to acting as a branch manager in the future;
  • a fine in the amount of $5,000; and
  • costs in the amount of $5,000.

In the Settlement Agreement, the Respondent admitted that between November 8, 2018 and December 2018, in his capacity as a branch manager, he did not adequately query or report to the Member information that he had received that an Approved Person who the Respondent was responsible for supervising had solicited an individual to purchase an investment outside the Member, contrary to the Member’s policies and procedures, MFDA Rules 1.1.2, 2.5.1, 1.4(b) and 2.5.5(f) and MFDA Policy No. 6.

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 in the Abbotsford, 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 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.