TORONTO, Jan. 25, 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 January 25, 2019 in connection with a disciplinary hearing held in Calgary, Alberta on November 22, 2018 in the matter of Leo Thach Quang Lam ("Respondent").
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- is permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member;
- shall pay a fine in the amount of $100,000, the particulars of which are:
- $50,000 in respect of the violation of MFDA Rules 2.3.1(a) and 2.1.1;
- $50,000 for the Respondent's failure to cooperate; and
- shall pay costs in the amount of $7,500.
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 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