TORONTO, Dec. 12, 2018 /CNW/ - A settlement hearing in the matter of William Joe Yau Chan ("Respondent") was held today in Toronto, Ontario before a three-person Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement dated June 22, 2018 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member;
- a fine in the amount of $40,000; and
- costs in the amount of $5,000.
In the Settlement Agreement, the Respondent admitted that between June 2013 and March 2016, he engaged in securities related business that was not carried on for the account and through the facilities of the Member by selling, recommending, referring or facilitating the sale of approximately $1,213,000 of unapproved investment products to at least eight clients and three individuals outside the Member and earned at least $83,160 in commissions, contrary to MFDA Rules 1.1.1, 1.1.2, 2.1.4, 2.4.2, and 2.1.1, and the requirements of sections 13.7 and 13.8 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 82,000 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
For further information: Charles Toth, Managing Director, Litigation, 416-943-4619, [email protected]