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MFDA announces disciplinary proceeding in respect of Ramnarine Ramgolam

TORONTO, Sept. 4, 2020 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Ramnarine Ramgolam ("Respondent"). In its Notice of Hearing dated August 20, 2020 ("Notice of Hearing"), Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:

Allegation #1: Between June 21, 2017 and June 28, 2018, the Respondent misappropriated approximately $116,084 from 1 client and 12 other individuals, contrary to MFDA Rule 2.1.1.

Allegation #2: Commencing on September 27, 2017, the Respondent borrowed $50,000 from a client, contrary to the policies and procedures of the Member and MFDA Rules 2.1.4, 1.1.2, 2.5.1, and 2.1.1.

The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on October 13, 2020 at 10:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural issues. The appearance will be open to the public, except as may be required for the protection of confidential matters. Members of the public who would like to listen to the teleconference should contact hearings@mfda.ca to obtain particulars.

A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in Toronto, Ontario.

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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View original content: http://www.newswire.ca/en/releases/archive/September2020/04/c7317.html