MFDA Hearing Panel approves settlement agreement with Christopher Sung-Il An
TORONTO, Jan. 26, 2017 /CNW/ - A settlement hearing in the matter of Christopher Sung-Il An (the "Respondent") was held on January 26, 2017 in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel accepted the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanction was imposed on the Respondent:
- a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any Member of the MFDA.
In the Settlement Agreement, the Respondent admitted that:
| a) |
between February 2014 and September 2014, he processed five (5) trades in the accounts of one client without the client's authorization, contrary to MFDA Rules 2.3.1 and 2.1.1; |
| b) |
between February 2014 and November 2014, he falsified the signature of one (1) client on five (5) account forms, contrary to MFDA Rule 2.1.1; |
| c) |
in February 2014, he completed Know-Your-Client information on an account form in respect of one (1) client without having met or discussed the information with the client, contrary to MFDA Rule 2.1.1; and |
| d) |
in February 2014, without client authorization, he changed one (1) client's address on the Member's back office system so that it falsely appeared that the client was a resident of Ontario, thereby enabling the Respondent to circumvent the Member's prohibition on processing trades in the accounts of clients who did not reside in Ontario, contrary to MFDA Rule 2.1.1. |
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 Greater Toronto 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 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
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Charles Toth, Director, Litigation, 416-943-4619, [email protected]
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