MFDA Hearing Panel makes findings against Gerard Mok

TORONTO, Jan. 11, 2016 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Gerard (Gerry) Andrew Mok (the "Respondent") by Notice of Hearing dated April 20, 2015 (the "Notice of Hearing").

The hearing of this matter on its merits was held today in Toronto, Ontario before a three-person Hearing Panel of the MFDA's Central Regional Council. Prior to the hearing, the parties filed an Agreed Statement of Facts (the "Agreed Statement of Facts") in which the Respondent admitted to facts constituting contraventions of MFDA By-laws, Rules or Policies, for which he could be penalized by a Hearing Panel pursuant to section 24.1 of MFDA By-law No. 1. In particular, the Respondent admitted that:

(i)   

between about January 2003 and October 17, 2012, he failed to repay or account for at least $455,000 of the $1,816,920.58 he solicited and accepted from at least six (6) clients and the $148,000 and US$166,000 he solicited from at least three (3) other individuals, thereby failing to deal fairly, honestly and in good faith with the clients and other individuals and engaging in a business conduct or practice which was unbecoming or detrimental to the public interest, contrary to MFDA Rule 2.1.1; and



(ii) 

commencing on or about March 28, 2013, he failed to attend an interview to provide a statement and to produce information, documents and records as requested by MFDA Staff during the course of an investigation, contrary to section 22.1 of MFDA By-law No. 1.

Following submissions from the parties, the Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons for its decision in due course:

  • a permanent prohibition from conducting securities related business in any capacity over which the MFDA has jurisdiction;
  • a fine in the amount of $500,000; and
  • costs in the amount of $7,500.

Copies of the Notice of Hearing and the Agreed Statement of Facts are available on the MFDA website at www.mfda.ca. During the period described in the Agreed Statement of Facts, the Respondent conducted business in the Mississauga, Ontario area.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 101 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, ctoth@mfda.ca

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http://www.mfda.ca

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