MFDA Hearing Panel approves settlement agreement with Vasant Patel
TORONTO, June 2, 2020 /CNW/ - A settlement hearing in the matter of Vasant Pragjibhai Patel ("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 March 6, 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 permanent prohibition from conducting securities related business in any capacity while in the employ or associated with an MFDA Member;
- a fine in the amount of $25,000; and
- costs in the amount of $5,000.
In the Settlement Agreement, the Respondent admitted that:
a) | between April 2016 and January 9, 2018, he engaged in outside activities that were not disclosed to or approved by the Member: | |
i. | by soliciting from, facilitating investments by or by recommending or making referrals to at least 15 individuals to invest in, or loan money to, a real estate development project; and | |
ii. | by registering a company and serving as the President and a director of the company; | |
contrary to the Member's policies and procedures, and MFDA Rules 1.3.2, 2.1.1, 1.1.2, 2.10, and 2.5.1. | ||
b) | in October 2018, he made false or misleading statements to Staff of the MFDA during the course of its investigation into his conduct, 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 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.
SOURCE Mutual Fund Dealers Association of Canada
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