TORONTO, April 25, 2019 /CNW/ - A settlement hearing in the matter of Alan Truong ("Respondent") was held today in Vancouver, British Columbia before a three-member Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement dated January 3, 2019 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with a MFDA Member for a period of six months;
- a fine in the amount of $5,000 ("Fine");
- costs in the amount of $2,500 ("Costs");
- the Fine and Costs shall be payable as follows:
- 2,500 (Costs) upon the acceptance of the Settlement Agreement;
- $555.55 (Fine) on or before May 31, 2019;
- $555.55 (Fine) on or before June 28, 2019;
- $555.55 (Fine) on or before July 31, 2019 ;
- $555.55 (Fine) on or before August 30, 2019;
- $555.55 (Fine) on or before September 30, 2019;
- $555.55 (Fine) on or before October 31, 2019;
- $555.55 (Fine) on or before November 29, 2019;
- $555.55 (Fine) on or before December 31, 2019;
- $555.55 (Fine) on or before January 31, 2020; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
between January 22, 2016 and June 14, 2016, he signed the signatures of four clients on four account forms and submitted the forms to the Member for processing, contrary to MFDA Rule 2.1.1; and
on March 31, 2016, he misled the Member on its quarterly compliance certificate when he falsely indicated to the Member that he did not sign client signatures, contrary to MFDA Rule 2.1.1.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in the Vancouver, 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 81,000 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