TORONTO, June 11, 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 June 8, 2018 in connection with a settlement hearing held in Toronto, Ontario on April 26, 2018 in the matter of David James Hong Chow ("Respondent").
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has paid a fine in the amount of $17,500;
- has paid costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement dated January 15, 2018, the Respondent admitted that between January 2015 and March 2016, he obtained, possessed and, in some instances, used to process transactions, 147 pre-signed account forms in respect of 94 clients, contrary to MFDA Rule 2.1.1.
Copies of the Reasons for Decision and the Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in Toronto, Ontario.
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, Director, Litigation, 416-943-4619, [email protected]