A hearing panel of the Investment Dealers Association of Canada has imposed discipline penalties on Moin Mirza, an approved person at the Edmonton branch of Union Securities.
Following a disciplinary hearing held on June 5, 2007, the panel found that, on Sept. 7, 2006, Mirza failed to cooperate with an IDA interview. After considering all of the evidence, the panel found that Mirza’s conduct was consistent with a lack of any desire to cooperate and an intentional avoidance of the request for cooperation.
In a separate penalty decision dated Sept. 18, 2007, the panel imposed a $40,000 fine upon Mirza and required him to pay $7,651.10 in costs. In assessing penalty, the panel considered several aggravating factors:
- Mirza’s contravention was intentional;
- his non-compliance was complete until a notice of hearing was issued;
- his non-compliance stalled the IDA’s investigation for eight months;
- his refusal to cooperate was not based on legal advice; and
- his interview was of material importance to the IDA’s investigation.
The hearing panel also considered mitigating factors that Mirza had no prior disciplinary history and that after the notice of hearing was issued, Mirza retained counsel and agreed to and was in fact interviewed by the IDA on May 8, 2007.
Mirza is currently not registered with an IDA member firm.
For a complete summary of facts, please see IDA Bulletin 3679 at www.ida.ca.