TORONTO, May 30 /CNW/ - The Mutual Fund Dealers Association of Canada
("MFDA") today announced that it has commenced disciplinary proceedings
against Tony Lin.
MFDA staff alleges in its Notice of Hearing that Mr. Lin engaged in the
following conduct contrary to the By-laws, Rules or Policies of the MFDA:Allegation No.1: From December 1, 2005 to February 16, 2006, the
Respondent engaged in excessive trading by facilitating 34 related
redemption and purchase transactions of mutual funds in eight client
accounts, with little or no economic benefit for the clients and with
little or no rationale for the transactions other than the generation of
sales commissions for the Respondent, contrary to MFDA Rules 2.1.4 and
2.1.1.The first appearance in this matter will take place by teleconference
before a Hearing Panel of the MFDA Pacific Regional Council in the Hearing
Room located at the offices of the MFDA at 650 West Georgia Street, Suite
1220, Vancouver, British Columbia on Tuesday, July 29, 2008 at 10:00 a.m.
(Vancouver) or as soon thereafter as can be held.
The purpose of the first appearance is to schedule the date for the
commencement of the hearing on its merits and to address any other procedural
matters.
The first appearance is open to the public, except as may be required for
the protection of confidential matters. Members of the public attending the
first appearance will be able to listen to the proceeding by teleconference.
A copy of the Notice of Hearing is available on the MFDA website at
www.mfda.ca.
The Mutual Fund Dealers Association of Canada is the self-regulatory
organization for Canadian mutual fund dealers. The MFDA regulates the
operations, standards of practice and business conduct of its 157 Members and
their approximately 75,000 Approved Persons with a mandate to protect
investors and the public interest.
For further information: Shaun Devlin, Vice-President, Enforcement,
(416) 943-4672 or sdevlin@mfda.ca
