TORONTO, April 11, 2023 /CNW/ - A settlement hearing in the matter of Sungsoo (Steve) Lee (the "Respondent") was held electronically by videoconference on March 20, 2023 in Vancouver, British Columbia before a three-member Hearing Panel of the Pacific District Hearing Committee of the New Self-Regulatory Organization of Canada ("New SRO").
The Hearing Panel accepted the settlement agreement dated March 17, 2023 (the "Settlement Agreement"), between Staff of the New SRO and the Respondent as a consequence of which the following sanctions were imposed on the Respondent:
- a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member, pursuant to section 24.1.1(e) of MFDA By-law No. 1 (now Mutual Fund Dealer Rule 7.4.1.1(e));
- a fine in the amount of $35,000 ("Fine");
- costs in the amount of $5,000 ("Costs");
- payment of the Fine and Costs shall be made in instalments as follows:
- $10,000 (Fine) on March 20, 2023;
- $5,000 (Costs) on March 20, 2023; and
- $25,000 (Fine) on or before September 23, 2023.
In the Settlement Agreement, the Respondent admitted that commencing October 2020, he failed to cooperate with an investigation into his conduct by MFDA Staff, contrary to section 22.1 of MFDA By-law No. 1 (now Mutual Fund Dealer Rule 6.2.1).
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in the Burnaby, British Columbia area.
New Self-Regulatory Organization of Canada is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. New SRO is carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada, and is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments. For more information, visit www.newselfregulatoryorganizationofcanada.ca.
SOURCE New Self-Regulatory Organization of Canada (New SRO)
Charles Toth, Vice-President, Enforcement, 416-943-4619, [email protected]; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, [email protected]
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