MFDA Hearing Panel approves settlement agreement with Samuel Li
TORONTO, Jan. 30, 2019 /CNW/ - A settlement hearing in the matter of Samuel Li ("Respondent") took place on January 28, 2019 in Toronto, Ontario before a three-person Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement dated December 10, 2018 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $5,000;
- costs in the amount of $2,500; and
- shall in the future comply with MFDA Rules 2.2.1(b) and 2.1.1.
In the Settlement Agreement, the Respondent admitted that he, from in or about January 2007 to December 2009, and in or about September 2016 and February 2017, drafted and required 13 of his clients to sign documents purporting to waive his and the Member's obligations, including suitability obligations, contrary to MFDA Rules 2.2.1(b) and 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 conducted business in the Markham, Ontario 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 82,000 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
Charles Toth, Managing Director, Litigation, 416-943-4619, [email protected]
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