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14.04.2021 22:59:00
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MFDA Hearing Panel accepts settlement agreement with Md Ashanur Rahman
TORONTO, April 14, 2021 /CNW/ - A settlement hearing in the matter of Md Ashanur Rahman ("Respondent") was held on April 13, 2021, 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 March 17, 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 in association with a Member of the MFDA for a period of 5 years;
- a fine in the amount of $20,000; and
- costs in the amount of $5,000.
In the Settlement Agreement, the Respondent admitted that:
a) | in 2017 and 2018, he engaged in personal financial dealings with clients by borrowing monies from clients, lending monies to a client, or depositing monies belonging to clients to his personal bank account, all of which gave rise to conflicts or potential conflicts of interest that he failed to disclose to the Member or otherwise address by the exercise of responsible business judgment influenced only by the best interests of the clients, contrary to MFDA Rules 2.1.4 and 2.1.1; |
b) | between May and June 2018, he aided a client to falsely portray monies as a gift to assist the client to secure a mortgage, thereby failing to observe high standards of ethics and conduct in the transaction of business and engaging in conduct or a practice which is unbecoming or detrimental to the public interest, contrary to MFDA Rule 2.1.1; |
c) | on October 24, 2017, he deposited $20,000 in cash, which he borrowed from a client, into bank accounts that he controlled in three separate transactions of less than $10,000 each, thereby circumventing the large cash transaction reporting requirements to the Financial Transaction and Reports Analysis Centre of Canada, contrary to MFDA Rule 2.1.1; and |
d) | in 2018, he made false or misleading statements to the Member during the course of an 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 conducted business out of 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 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.
SOURCE Mutual Fund Dealers Association of Canada
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