TORONTO, March 6, 2017 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Winston King-Loong Kuit (the "Respondent"). In its Notice of Hearing dated February 6, 2017, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Between 2010 and August 2013, the Respondent recommended, sold, referred or facilitated the sale of approximately $1.55 million of an unapproved investment to seven (7) clients, seven (7) former clients and four (4) other individuals, outside the facilities of his Members, contrary to MFDA Rules 1.1.1 and 2.1.1.
Allegation #2: Between 2010 and August 2013, the Respondent recommended, sold, referred or facilitated the sale of approximately $1.55 million of an unapproved investment to seven (7) clients, seven (7) former clients and four (4) other individuals, thereby engaging in an outside business activity which was not disclosed to or approved by his Members, contrary MFDA Rules 1.2.1(c) (now MFDA Rule 1.3), 2.4.2 and 2.1.1.
Allegation #3: In November 2012, the Respondent completed an annual compliance questionnaire for his Member which contained responses that were false, thereby interfering with the Member's ability to supervise his conduct, contrary to MFDA Rule 2.1.1.
The first appearance in this proceeding will be held by teleconference before a Hearing Panel of the MFDA's Pacific Regional Council on March 14, 2017, at 10:00 a.m. (Pacific), or as soon thereafter as the appearance can be held, 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 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 the Burnaby, British Columbia area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 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