TORONTO, April 9, 2015 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Stephen Ping Cheung (the "Respondent"). In its Notice of Hearing dated March 13, 2015, 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 July 27, 2005 and February 6, 2013, the Respondent obtained and used to process transactions, 74 blank or partially complete pre-signed account forms or photocopies of blank or partially complete pre-signed account forms, in respect of 22 client accounts, contrary to MFDA Rule 2.1.1.
Allegation #2: Between March 2005 and March 2012, while acting in the capacity as a Branch Manager, the Respondent reviewed and approved 21 blank or partially complete pre-signed account forms or photocopies of blank or partially complete pre-signed account forms, submitted by other Approved Persons, contrary to MFDA Rules 2.5.5(d) (now Rule 2.5.5(f)) 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 May 26, 2015 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 first appearance will take place in the hearing room at the MFDA offices, 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 104 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: Shaun Devlin, Senior Vice-President, Member Regulation, Enforcement, 416-943-4672, [email protected]; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, [email protected]