Subject: LAW
MFDA Hearing Panel approves five settlement agreements
TORONTO, Sept. 29, 2017 /CNW/ - On September 28, 2017, a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") heard the following five (5) proceedings, the particulars of which are:
Mohamed Said Ahmed Al-Bayoumi
A settlement hearing in the matter of Mohamed Said Ahmed Al-Bayoumi ("Al-Bayoumi") was held on September 28, 2017 at which the Hearing Panel approved the settlement agreement ("Settlement Agreement") between Staff of the MFDA and Al-Bayoumi, as a consequence of which the following sanctions were imposed:
- a fine in the amount of $5,000;
- costs in the amount of $2,500;
- a prohibition from acting in the capacity of branch manager in the employ of or associated with a Member of the MFDA for a period of 18 months;
- prior to being re-designated as a branch manager, he shall successfully complete the branch manager's course offered by the Canadian Securities Institute or the Investment Funds Institute of Canada; and
- shall in future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, Al-Bayoumi admitted that:
- between July 2007 and September 2014, he obtained, possessed, and in some instances, used to process transactions, 17 pre-signed account forms in respect of 12 clients, contrary to MFDA Rule 2.1.1; and
- between December 2010 and August 2013, he falsified, and in some instances, used to process transactions, three (3) account forms in respect of three (3) clients, by altering information on the account forms without obtaining client initials authorizing the alterations, 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, Al-Bayoumi carried on business in the London, Ontario area.
Anil Kumar Sharma
A settlement hearing in the matter of Anil Kumar Sharma ("Sharma") was held on September 28, 2017 at which the Hearing Panel approved the settlement agreement ("Settlement Agreement") between Staff of the MFDA and Sharma, as a consequence of which the following sanctions were imposed:
- a fine in the amount of $8,000;
- costs in the amount of $2,500; and
- shall in future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, Sharma admitted that between October 2007 and November 2014, he obtained, possessed and, in some instances, used to process transactions, 34 pre-signed account forms in respect of four (4) 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, Sharma carried on business in the Mississauga, Ontario area.
Brianne Nicole Stoutley
A settlement hearing in the matter of Brianne Nicole Stoutley ("Stoutley") was held on September 28, 2017 at which the Hearing Panel approved the settlement agreement ("Settlement Agreement") between Staff of the MFDA and Stoutley, as a consequence of which the following sanctions were imposed:
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with a Member of the MFDA for a period of six (6) months;
- costs in the amount of $2,500; and
- shall in future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, Stoutley admitted that on or about May 31, 2016, she falsified a client signature on an account form, and used the account form to process a transaction, 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, Stoutley carried on business in the Mississauga, Ontario area.
Pamela Anne Mundell
A settlement hearing in the matter of Pamela Anne Mundell ("Mundell") was held on September 28, 2017 at which the Hearing Panel approved the settlement agreement ("Settlement Agreement") between Staff of the MFDA and Mundell, as a consequence of which the following sanctions were imposed:
- a fine in the amount of $5,000;
- costs in the amount of $2,500; and
- shall in future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, Mundell admitted that between December 2012 and November 2015, she obtained, possessed and, in some instances, used to process transactions, 14 pre-signed account forms in respect of 11 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, Mundell carried on business in Kingston, Ontario.
Bjorn Ho Hon Kwok
A settlement hearing in the matter of Bjorn Ho Hon Kwok ("Kwok") was held on September 28, 2017 at which the Hearing Panel approved the settlement agreement ("Settlement Agreement") between Staff of the MFDA and Kwok, as a consequence of which the following sanctions were imposed:
- a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member; and
- costs in the amount of $2,500, with $1,000 payable on the date of the settlement hearing and $1,500 payable on or before 30 days after the date of the date of the settlement hearing.
In the Settlement Agreement, Kwok admitted that in or around October 2015, he misappropriated $13,750 of client monies by falsifying client account forms and a letter of direction in order to direct the proceeds of a redemption from the client's mutual fund account to his bank account, 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, Kwok carried on business in the Toronto, 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 83,000 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.
SOURCE Mutual Fund Dealers Association of Canada
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