TORONTO, Aug. 2, 2012 /CNW/ - A disciplinary hearing in the matter of Raymond Ho was held today in Vancouver, British Columbia before a three-person Hearing Panel of the MFDA's Pacific Regional Council. The Hearing Panel found that the allegation set out in the Notice of Hearing dated April 17, 2012 had been established.
Allegation #1: On or about May 5, 2010, the Respondent failed to deal fairly, honestly and in good faith with client DH by falsifying client DH's signature on a New Account Application Form in order to open an account in DH's name and purchase $192,000 of a mutual fund for the account, contrary to MFDA Rule 2.1.1.
The Hearing Panel imposed the following penalties and costs at the conclusion of the hearing and advised that it will issue written reasons for its decision in due course:
- a 12 month suspension from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member;
- a fine of $5,000; and
- costs of $1,000.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 121 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
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