TORONTO, Dec. 9, 2015 /CNW/ - A Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Decision and Reasons (Misconduct) in connection with a disciplinary hearing held in Vancouver, British Columbia on April 28-29, 2015 and September 1-2, 2015 in the matter of Russell Chang (the "Respondent").
The parties completed their oral submissions with respect to conduct on September 2, 2015, at which time the Hearing Panel advised that it would announce its decision and issue written reasons in due course.
In its Decision and Reasons (Misconduct), dated December 7, 2015, the Hearing Panel found that the two (2) allegations made against the Respondent in the Notice of Hearing dated October 14, 2014, had been established, namely:
- Between May 29, 2012 and June 12, 2012, the Respondent engaged in securities related business that was not carried on for the account and through the facilities of the Member by selling, recommending, referring or facilitating the sale outside the Member of $550,000 of investment products to two clients and one other individual, contrary to MFDA Rules 1.1.1(a) and 2.1.1; and
- Between May 29, 2012 to August 1, 2012, the Respondent had and continued in another gainful occupation that was not approved by the Member by being employed by an investment company and by selling, recommending, referring or facilitating the sale of $550,000 of investment products to three investors on behalf of the investment company, contrary to MFDA Rules 1.2.1(c) and 2.1.1.
Submissions with respect to penalty will take place on a date to be determined and announced accordingly.
Copies of the Decision and Reasons (Misconduct) and the Notice of Hearing are available on the MFDA website at www.mfda.ca. During the period described in the Decision and Reasons (Misconduct), the Respondent carried on business in Richmond, British Columbia.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 102 Members and their approximately 83,000 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