MFDA Hearing Panel accepts Settlement Agreement with Alfonso Chin

TORONTO, July 22, 2014 /CNW/ - A Settlement Hearing in the matter of Alfonso Chin (the "Respondent") was held today in Toronto, Ontario before a Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA"). The Hearing Panel accepted the Settlement Agreement ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the Respondent:

  • has been permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member;
  • has had a $30,000 fine imposed upon him; and
  • has had costs of $2,500 imposed upon him.

In the Settlement Agreement, the Respondent admitted that:

i)

between 2006 and 2011, he engaged in securities related business that was not carried on for the account and through the facilities of the Member by referring or facilitating the sale of at least $3,105,000 of investments in a mortgage investment corporation to two  clients and 11 other individuals outside the Member, contrary to MFDA Rules 1.1.1(a) and 2.1.1; and



ii)

between 2006 and 2011, he received at least $102,053.56 in referral fees for referring or facilitating the sale of investments in a mortgage investment corporation to two clients and 11 other individuals, thereby participating in a referral arrangement in relation to securities related business to which the Member was not a party, contrary to the requirements of sections 13.7 and 13.8 of National Instrument 31-103, and MFDA Rules 2.4.2 and 2.1.1.

 

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in Mississauga, Ontario.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 110 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA's complaint and enforcement processes, as well as links to 'Check an Advisor' and other Investor Tools, visit the For Investors page on the MFDA website.

SOURCE Mutual Fund Dealers Association of Canada

For further information: Hugh Corbett, Managing Director, Enforcement, 416-943-4685, hcorbett@mfda.ca