TORONTO, Sept. 21, 2021 /CNW/ - A settlement hearing in the matter of Kosal Vibhav Sunkara (the "Respondent") was held on September 17 and 20, 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 September 20, 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 fine in the amount of $7,500;
costs in the amount of $2,500; and
shall in the future comply with MFDA Rules 2.1.1, 2.2.1., 2.2.2(b), 1.1.2, and 2.5.1.
In the Settlement Agreement, the Respondent admitted that on or about February 20, 2019, he opened an account for a client and processed transactions in the client's account without obtaining the client's authorization, and recorded the client's Know-Your-Client information without communicating with the client, contrary to the Member's policies and procedures and MFDA Rules 2.1.1, 2.2.1., 2.2.2(b), 1.1.2, and 2.5.1.
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 Vernon, 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.
SOURCE Mutual Fund Dealers Association of Canada
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