Subject: LAW
CIRO Hearing Panel accepts settlement agreement with Baljit Rana
TORONTO, Aug. 9, 2023 /CNW/ - A settlement hearing in the matter of Baljit Bassi Rana (the "Respondent") was held electronically by videoconference on May 25, 2023 in Toronto, Ontario before a three-member Hearing Panel of the Pacific District Hearing Committee of the New Self-Regulatory Organization of Canada ("New SRO").
The Hearing Panel accepted the settlement agreement dated May 12, 2023 (the "Settlement Agreement"), between Staff of the New SRO and the Respondent as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $18,000;
- costs in the amount of $2,500;
- $5,500 ($3,000 fine and $2,500 costs) payable in certified funds on the date of this Order;
- $5,000 (fine) payable on or before June 30, 2023;
- $5,000 (fine) payable on or before July 31, 2023; and
- $5,000 (fine) payable on or before August 31, 2023.
- shall in the future comply with Mutual Fund Dealer Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
a) | On February 16, 2019, the Respondent photocopied the signature pages from account forms previously signed by two clients and reused the signature pages on four account forms and submitted the forms to the Member for processing contrary to Mutual Fund Dealer Rule 2.1.1 (formerly MFDA Rule 2.1.1); |
b) | Between March 22, 2018 and June 2, 2020, the Respondent altered and used to process transactions seven account forms in respect of seven clients, by altering information on the account forms without having the client initial the alterations, contrary to Mutual Fund Dealer Rule 2.1.1 (formerly MFDA Rule 2.1.1); and |
c) | Between November 28, 2016 and January 13, 2021, the Respondent obtained, possessed, and in some instances used to process transactions, 11 pre-signed account forms in respect of 9 clients, contrary to Mutual Fund Dealer Rule 2.1.1 (formerly 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 in the Golden, British Columbia area.
Canadian Investment Regulatory Organization is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. CIRO is carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada, and is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.
SOURCE Canadian Investment Regulatory Organization (CIRO)
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