TORONTO, Jan. 8, 2013 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Zhengwen (Katherine) Qi and Xiaodan (Bonnie) Huang (the "Respondents"). MFDA staff alleges in its Notice of Hearing that the Respondents engaged in the following conduct contrary the By-laws, Rules or Policies of the MFDA:
Allegation #1: In January 2009, the Respondents engaged in securities related business that was not carried on for the account of the Member and through the facilities of the Member by recommending, referring, selling or facilitating the sale of securities to client CPL outside the Member, contrary to MFDA Rules 1.1.1(a) and 2.1.1.
Allegation #2: In August 2010, the Respondents failed to inform the Member of a complaint by client CPL and a civil proceeding commenced against them by client CPL and thereafter entered into a settlement agreement with and paid monies to client CPL without advising or obtaining the prior written consent of the Member, contrary to sections 4.1(b)(iii) and (v) and 4.1(e) of MFDA Policy No. 6 and section 10 of MFDA Policy No. 3
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on February 13, 2013 at 10:00 a.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 first appearance will be open to the public, except as may be required for the protection of confidential matters. A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca.
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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