Ms. Elsa Renzella reports

ENFORCEMENT NOTICE DECISION - IN THE MATTER OF PROBHASH MONDAL - SETTLEMENT ACCEPTED

Following a settlement hearing held on April 6, 2015, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement, with sanctions, between IIROC staff and Probhash Mondal.

Mr. Mondal admitted that he made recommendations for his client that were not suitable and that he engaged in discretionary trading in the same client's accounts.

Specifically, Mr. Mondal admitted to the following violations:

1. From January to November, 2010, Mr. Mondal failed to ensure that recommendations he made for his client were suitable, contrary to IIROC Dealer Member Rule 1300.1(q);
2. From March to April, 2011, Mr. Mondal engaged in discretionary trading in the accounts of his client without first having the accounts approved and accepted as discretionary accounts, contrary to IIROC Dealer Member Rule 1300.4.

Pursuant to the settlement agreement, Mr. Mondal agreed to the following penalties:

1. A five-year suspension from registration with IIROC;
2. A total fine in the amount of $100,000 inclusive of disgorgement.

Mr. Mondal also agreed to pay costs in the amount of $10,000.

The settlement agreement is available at the IIROC website.

The hearing panel's decision is available at the IIROC website.

IIROC formally initiated the investigation into Mr. Mondal's conduct in April, 2014. The violations occurred while he was a registered representative with the Toronto branches of Raymond James Ltd. and Macquarie Private Wealth Inc. (now Richardson GMP Ltd.), both IIROC-regulated firms. Mr. Mondal is no longer a registrant with an IIROC-regulated firm.