A hearing panel of the Ontario Regional Council of the Mutual Fund Dealers Association of Canada today released its decision and reasons in connection with the disciplinary hearing Jawad Rathore.

On May 31, the panel heard allegations from MFDA staff that:

  • Between August 2002 and November 2002, Rathore engaged in gainful occupation outside the business of his member firm without so advising the firm and obtaining approval; and
  • Commencing Feb. 14, 2003, Rathore failed to produce for inspection and provide copies of documents requested by the MFDA in the course of an investigation.

Today the panel, permanently prohibited Rathore from conducting securities related business while in the employ of any MFDA member.

As well, the panel issued a fined of $25,000 and ordered Rathore to pay and additional $7,500 to cover the costs of the proceedings.