HALIFAX,
NS, May 17, 2024 /CNW/ - On May 7, 2024, a panel of the Canadian Investment
Regulatory Organization (CIRO) held a hearing pursuant to the
Mutual Fund Dealer Rules and accepted a settlement agreement, with
sanctions, between Enforcement Staff and Neelgiri Chatterjee.
Neelgiri Chatterjee admitted that between January 7, 2020, and December 4, 2020, he canceled, rather than
amended, pre-authorized contributions in clients' accounts and
established new pre-authorized contributions to meet sales targets
or qualify for a bonus based on the Dealer Member sales
incentive.
Pursuant to the settlement agreement, Neelgiri Chatterjee agreed
to the following sanctions:
a) prohibition from conducting securities
related business in any capacity while in the employ
of or associated with a CIRO
Dealer Member for a period of 12 months; and
b) a fine of $12,500.
Neelgiri Chatterjee also agreed to pay costs in the amount of
$5,000.
The Settlement Agreement is available at:
Chatterjee, Neelgiri – Settlement Agreement
The hearing panel's decision will be made available at
www.ciro.ca.
At all material times, Neelgiri Chatterjee conducted business in
the Halifax, Nova Scotia area.
Neelgiri Chatterjee is not currently registered in the securities
industry in any capacity.
All information about disciplinary proceedings relating to
current and former member firms and individual registrants under
the Investment Dealer and Partially Consolidated Rules (for
investment dealers), the Mutual Fund Dealer Rules (for mutual fund
dealers) and the Universal Market Integrity Rules (UMIR) is
available on CIRO's website.
Background information regarding the qualifications and
disciplinary history, if any, of advisors currently employed by
CIRO-regulated investment firms is available free of charge through
the AdvisorReport service. Information on how to make
dealer, advisor or marketplace-related complaints is available by
calling 1-877-442-4322.
CIRO investigates possible misconduct by its member firms and
individual registrants. It can bring disciplinary proceedings which
may result in sanctions including fines, suspensions, permanent
bars, expulsion from membership, or termination of rights and
privileges for individuals and firms.
The Canadian Investment Regulatory Organization (CIRO) is the
national self-regulatory organization that oversees all investment
dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. 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. For more
information, visit www.ciro.ca.
SOURCE Canadian Investment Regulatory Organization (CIRO)