TORONTO, Jan. 9, 2014 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced a disciplinary proceeding in respect of Alfonso Chin (the "Respondent"). Staff of the MFDA alleges in its Notice of Hearing, dated December 20, 2013, that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Between 2006 and 2011, the Respondent engaged in securities related business that was not carried on for the account and through the facilities of the Member by selling, recommending, referring or facilitating the sale of at least $3,105,000 of investments in a mortgage investment corporation to 2 clients and 11 other individuals outside the Member, contrary to MFDA Rules 1.1.1(a) and 2.1.1.
Allegation #2: Between 2006 and 2011, the Respondent had and continued in another gainful occupation that was not disclosed to and approved by the Member, by selling, recommending, referring or facilitating the sale of at least $3,105,000 of investments in a mortgage investment corporation to 2 clients and 11 other individuals, contrary to MFDA Rules 1.2.1(d) and 2.1.1.
Allegation #3: Between 2006 and 2011, the Respondent received at least $102,053.56 in referral fees or other compensation for selling, recommending, referring or facilitating the sale of investments in a mortgage investment corporation to 2 clients and 11 other individuals, thereby participating in a referral arrangement in relation to securities related business to which the Member was not a party, contrary to the requirements of sections 13.7 and 13.8 of National Instrument 31-103, and MFDA Rules 2.4.2 and 2.1.1.
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on February 18, 2014 at 12:00 p.m. (Eastern) in the MFDA hearing room located at 121 King Street West, Suite 1000, Toronto, Ontario. The purpose of the appearance is to set a date for the hearing of this matter on its merits and to address any other procedural matters. The appearance will be open to the public, except as may be required for the protection of confidential matters.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 112 Members and their approximately 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: Hugh Corbett, Managing Director, Enforcement, 416-943-4685, [email protected]