TORONTO, March 7, 2016 /CNW/ - A settlement hearing in the matter of Nathaniel Ming Shan Chan (the "Respondent") was held on March 3, 2016 in Vancouver, British Columbia before a three-person Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA"). The Hearing Panel approved the settlement agreement ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the Respondent:
has paid costs in the amount of $1,500; and
shall be prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of one (1) month, commencing from the date of the Hearing Panel's Order.
In the Settlement Agreement, the Respondent admitted that on February 18, 2014, he falsified at least two (2) client signatures on account forms and used the account forms to update information in the clients' accounts, contrary to MFDA Rules 2.1.1, 2.5.1 and 1.1.2
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 Coquitlam, 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 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