TORONTO, Dec. 9, 2019 /CNW/ - A Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated December 6, 2019 ("Reasons for Decision") in connection with a settlement hearing held in Calgary, Alberta on November 7, 2019 in the matter of Jesse Vu ("Respondent").
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has been prohibited from conducting securities related business in any capacity while in the employ or associated with any Member of the MFDA for a period of one month;
- shall pay a fine of $1,000 ("Fine");
- shall pay costs of $2,500 ("Costs");
- payment of the Fine and Costs shall be made as follows:
- $1,000 (Costs) upon acceptance of the Settlement Agreement;
- $1,250 (Costs) on or before the last business day of the third month following the date of acceptance of the Settlement Agreement;
- $1,250 (Fine and Costs) on or before the last business day of the sixth month following the date of acceptance of the Settlement Agreement; and
- shall in the future comply with MFDA Rules 1.3, 2.1.1, and 2.4.2.
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 Calgary, Alberta 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