TORONTO, Nov. 21, 2016 /CNW/ - A settlement hearing in the matter of Al Wei Loong Thong (the "Respondent") took place on November 17, 2016 in Edmonton, Alberta before a three-member Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel accepted the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the Respondent:
- shall be prohibited from conducting securities related business while in the employ of or associated with any MFDA Member for a period of three (3) years.
- has paid a fine in the amount of $10,000; and
- has paid costs in the amount of $5,000.
In the Settlement Agreement, the Respondent admitted that prior to being registered, he referred one (1) client, and between August 12, 2008 and 2010, referred two (2) individuals to a company selling an exempt market product, and received at least $4,505.08 in referral fees for doing so, thereby participating in a referral arrangement to which the Member was not a party and which did not otherwise comply with MFDA Rules 1.1.1 and 2.4.2, and sections 13.7 to 13.10 of National Instrument 31-103.
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