MFDA announces settlement hearing to take place in respect of Stephen Cheung and Cho Shan Yeung

TORONTO, Sept. 3, 2015 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Stephen Cheung ("Cheung") and Cho Shan Yeung ("Yeung") (the "Respondents") by Notices of Hearing (the "Notice of Hearing") dated March 13, 2015.

As the result of a settlement agreement entered into between Staff of the MFDA and the Respondents, the settlement hearing in this proceeding will take place on September 14, 2015, commencing at 10:00 a.m. (Pacific), in the hearing room at the British Columbia Securities Commission, located at 1200-701 West Georgia Street, Vancouver, British Columbia.

The subject matter of the proposed settlement agreement concerns matters for which the Respondents may be disciplined pursuant to ss. 20 and 24.1.1 of By-law No. 1 of the MFDA. In particular, the settlement agreement concerns allegations that:

a)   

between July 27, 2005 and February 6, 2013, Cheung obtained and used to process transactions, 74 blank or partially complete pre-signed account forms or photocopies of blank or partially complete pre-signed account forms, in respect of 22 client accounts, contrary to MFDA Rule 2.1.1;



b)   

between March 2005 and March 2012, in his capacity as branch manager, Cheung reviewed and approved 21 blank or partially completed pre-signed forms, or photocopies of blank or partially complete pre-signed account forms, submitted by other Approved Persons, contrary to MFDA Rules 2.5.5(f) and 2.1.1; and



c)   

between March 5, 2005 and March 20, 2012, Yeung obtained and used 101 blank or partially complete pre-signed account forms or photocopies of partially complete pre-signed account forms, in order to process transactions in respect of nine clients, contrary to MFDA Rule 2.1.1.

The hearing will be open to the public, unless and to the extent that the Hearing Panel determines that all or part of the hearing should proceed in the absence of the public. If the Hearing Panel accepts the settlement agreement, then a copy of the decision of the Hearing Panel and the settlement agreement will be made available to the public.

Copies of the Notices of Hearing are available on the MFDA website at www.mfda.ca. During the period described in the Notices of Hearing, the Respondents carried on business in Richmond, British Columbia.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 103 Members and their over 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: Charles Toth, Director, Litigation, 416-943-4619, ctoth@mfda.ca; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, jmount@mfda.ca

RELATED LINKS
http://www.mfda.ca

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