TORONTO, April 17, 2018 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated April 16, 2018 in connection with a disciplinary hearing held in Toronto, Ontario on March 8, 2018 in the matter of Cuiqin Ammy Yang ("Respondent").
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has been permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member;
- has been ordered to pay a fine in the amount of $75,000; and
- has been ordered to pay costs in the amount of $10,000.
At the hearing, the Panel made the following findings of misconduct against the Respondent:
Allegation #1: On or about October 30, 2012, she altered two account forms without evidence of client consent and submitted the altered account forms directly to the fund company to process trades, contrary to the policies and procedures of the Member and MFDA Rules 2.1.1, 2.10 and 1.1.2.
Allegation #2: Between October 23, 2012 and December 14, 2012, she submitted 18 account forms directly to fund companies to process trades in the accounts of f clients without the knowledge or approval of the Member, contrary to the policies and procedures of the Member and MFDA Rules 1.1.1(a), 2.1.1, 2.10 and 1.1.2.
Allegation #3: Commencing on April 28, 2016, she has failed to cooperate with an investigation into her activities conducted by Staff of the MFDA, contrary to section 22.1 of MFDA By-law No. 1.
A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent conducted business in the Markham, Ontario 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 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: please contact: Charles Toth, Director, Litigation, 416-943-4619, email@example.com