TORONTO, May 26, 2016 /CNW/ - A Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Decision and Reasons (Penalty) following a penalty hearing in Vancouver, British Columbia on April 7, 2016 in the matter of Russell Chang (the "Respondent"). In its Decision and Reasons (Penalty) dated May 26, 2016, the Hearing Panel announced the following sanctions against the Respondent:
- a prohibition from conducting securities related business in any capacity while in the employ or associated with an MFDA Member for three (3) years;
- a fine in the amount of $25,000; and
- costs in the amount of $2,500.
A copy of the Decision and Reasons (Penalty) is available on the MFDA website at www.mfda.ca. During the period described in the Decision and Reasons (Penalty), the Respondent 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 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; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, email@example.com