MFDA announces disciplinary proceeding in respect of Lifan Song

TORONTO, Dec. 28, 2022 /CNW/ - The Mutual Fund Dealers Association of Canada (the "MFDA") has commenced disciplinary proceedings in respect of Lifan Song (the "Respondent"). In its Notice of Hearing dated December 28, 2022 (the "Notice of Hearing"), Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:

Allegation #1: Commencing in April 2019, the Respondent failed to report to the Member complaints that he received from clients, and without the prior written consent of the Member, the Respondent paid compensation to clients, contrary to the Member's policies and procedures, and MFDA Rules 1.4, 2.1.4, 2.1.1, and 1.1.2 (as it relates to Rule 2.5.1), MFDA Policy No. 3, and MFDA Policy No. 6.

Allegation #2: In or around March 2020, the Respondent provided a false or misleading response to the Member during the course of its investigation into his conduct, contrary to MFDA Rule 2.1.1.

The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Prairie Regional Council on February 15, 2023 at 11:00 a.m. (Central), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural issues. The appearance will be open to the public, except as may be required for the protection of confidential matters. Members of the public who would like to listen to the teleconference should contact [email protected] to obtain particulars.

A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in the Winnipeg, Manitoba 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 76,695 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

Charles Toth, Vice-President, Enforcement, 416-943-4619, [email protected]: Mark Stott, Vice-President, Prairie Region, 403-215-8329, [email protected]