The Mutual Fund Dealers Association of Canada (MFDA) announced July 24 that Prabhdyal Singh Rai has been permanently banned and fined $80,000 plus costs of $7,500 for misconduct.

An MFDA hearing panel found that Rai submitted a line of credit application on his own behalf which contained false information and fabricated supporting documents. He also failed to cooperate with MFDA staff during an investigation into his conduct, says the regulator.

During the time of the misconduct, he conducted business in the Toronto, Ontario area.

To learn more, a copy of the Decision and Reasons is available on the MFDA website.