MFDA rep fined over pre-signed trade forms

A settlement hearing in the matter of Jarnail S. Kahlon was held this week in Toronto before a three-person hearing panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada.

The panel accepted a settlement agreement between MFDA staff and Kahlon, as a consequence of which the respondent must:

• pay a fine in the amount of $5,000;
• pay costs in the amount of $2,500; and
• in the future, comply with MFDA Rule 2.1.1.

In the settlement agreement, Kahlon admitted that between about May 2012 and January 2014, he obtained, maintained and, in some instances, used to process trades, 21 blank and pre-signed trade forms in respect of 16 clients, contrary to MFDA Rule 2.1.1.

Read the settlement agreement.

Staff

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