MFDA Hearing Panel approves settlement agreement with Dan Vivian Wang
TORONTO, Aug. 16, 2017 /CNW/ - A settlement hearing in the matter of Dan Vivian Wang ("Respondent") was held on August 15, 2017 in Vancouver, British Columbia before a three-member Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of six (6) months, commencing from the date of the Hearing Panel's Order;
- a fine in the amount of $20,000;
- costs in the amount of $5,000; and
- shall in the future comply with MFDA Rules 2.1.4 and 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
| a) |
between December 18, 2014 and February 2, 2015, she accepted $15,000 cash from client PL, and deposited the monies into her own bank account prior to transferring the monies to the client PL's bank account, thereby engaging in personal financial dealings with a client contrary to MFDA Rules 2.1.4 and 2.1.1; |
| b) |
between December 20, 2014 and February 2, 2015, she deposited $15,000 cash from client PL into her own bank account in two separate transactions, thereby circumvented the large cash transaction reporting requirements to the Financial Transactions and Report Analysis Centre of Canada, contrary to MFDA Rule 2.1.1 and the Member's policies and procedures regarding proceeds of crime, money laundering and terrorist financing; and |
| c) |
between December 18, 2014 and March 31, 2015, she falsely represented to the Member that she had returned $15,000 cash received from client PL when she had in fact deposited the monies into her own bank account, thereby misleading the Member and interfering with its ability to supervise her conduct, 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 Vancouver, British Columbia 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
please contact: Charles Toth, Director, Litigation, 416-943-4619, [email protected]; Jeff Mount, Vice-President, Pacific Region, 604-694-8846, [email protected]
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