CIRO Hearing Panel accepts settlement agreement with Ramanbhai Patel
TORONTO, Aug. 21, 2023 /CNW/ - A settlement hearing in the matter of Ramanbhai Patel (the "Respondent") was held electronically by videoconference today in Toronto, Ontario before a three-member Hearing Panel of the Ontario District Hearing Committee of the Canadian Investment Regulatory Organization ("CIRO").
- TORONTO, Aug. 21, 2023 /CNW/ - A settlement hearing in the matter of Ramanbhai Patel (the "Respondent") was held electronically by videoconference today in Toronto, Ontario before a three-member Hearing Panel of the Ontario District Hearing Committee of the Canadian Investment Regulatory Organization ("CIRO").
- The Hearing Panel accepted the settlement agreement dated July 26, 2023 (the "Settlement Agreement"), between Staff of CIRO and the Respondent as a consequence of which the following sanctions were imposed on the Respondent:
$11,666.67 ($9,166.67 fine and $2,500 costs) upon acceptance of the Settlement Agreement by the Hearing Panel;
$9,166.66 (fine) on or before September 15, 2023; and
$6,666.67 (fine) on or before October 27, 2023;
In the Settlement Agreement, the Respondent admitted that between May 26, 2016 and June 1, 2021, he obtained, possessed and used to process transactions, 80 pre-signed account forms in respect of 29 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 carried on business in the Woodbridge, Ontario area.
- CIRO 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.