TORONTO, April 24, 2013 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Dorothy Siu Wah Chan (the "Respondent"). MFDA Staff alleges in its Notice of Hearing that the Respondent engaged in the following conduct contrary the By-laws, Rules or Policies of the MFDA:
Allegation #1: Between January 2004 and May 2009, the Respondent misappropriated approximately $754,340 (CAD) and $94,200 (USD) from at least 18 individuals, three of whom were clients of the Member, thereby failing to deal fairly, honestly and in good faith with the clients and engaging in conduct unbecoming an Approved Person, contrary to MFDA Rule 2.1.1.
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Pacific Regional Council on June 4, 2013 at 10:00 a.m. (Pacific) in the hearing room located at the MFDA offices, 650 West Georgia Street, Suite 1220, Vancouver, British Columbia. 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 and 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 116 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
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