TORONTO, Feb. 16, 2016 /CNW/ - A settlement hearing in the matter of Dong Hwan (Jack) Lee (the "Respondent") was held on February 12, 2016 in Moncton, New Brunswick before a three-member Hearing Panel of the Atlantic Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA"). The Hearing Panel accepted the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the Respondent:
- shall pay a fine in the amount of $4,000, payable in four (4) installments as follows:
- $1,000 payable on or before the first business day of each month following the acceptance of the Settlement Agreement by the hearing panel;
- shall pay costs in the amount of $1,500 payable immediately upon acceptance of the Settlement Agreement; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that on March 3, 2014, he falsified one (1) client's signature on a cheque in order to process a trade in the client's account, contrary to MFDA Rule 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 conducted business in Riverview, New Brunswick area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 99 Members and their approximately 83,000 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, firstname.lastname@example.org