TORONTO, Nov. 10, 2014 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Russell Chang (the "Respondent"). In its Notice of Hearing dated October 14, 2014, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Between May 29, 2012 and June 12, 2012, 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 outside the Member of $550,000 of investment products to two clients and one other individual, contrary to MFDA Rules 1.1.1(a), 2.4.2 and 2.1.1.
Allegation #2: Between May 29, 2012 to August 1, 2012, the Respondent had and continued in another gainful occupation that was not approved by the Member by being employed by an investment company and by selling, recommending, referring or facilitating the sale of $550,000 of investment products to three investors on behalf of the investment company, contrary to MFDA Rules 1.2.1(c) and 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Pacific Regional Council on November 25, 2014, at 10:00 a.m. (Pacific), in order to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The appearance will take place in the MFDA hearing room located at 650 West Georgia Street, Suite 1220, Vancouver, British Columbia, and will be open to the public, except as may be required for the protection of confidential matters. The Hearing on the Merits will take place in Vancouver, British Columbia at a time and venue to be announced.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, 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 108 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