MFDA Hearing Panel approves settlement agreement with Thuy Nhu Nguyen
TORONTO, March 2, 2017 /CNW/ - A settlement hearing in the matter of Thuy Nhu Nguyen (the "Respondent") was held on February 28, 2017 in Edmonton, Alberta before a three-member Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel approved the settlement agreement (the "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 $7,500;
- costs in the amount of $2,500; and
- shall in future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
| a) |
between January 2009 and June 2015, she obtained, possessed, and in some instances, used to process transactions, 16 pre-signed account forms in respect of nine (9) clients, contrary to MFDA Rule 2.1.1; and |
| b) |
in April 2015, she falsified one (1) account form in respect of two (2) clients by altering information on the account form without having the clients initial the alterations, contrary to MFDA Rule 2.1.1. |
A copy of the Notice of Settlement Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Settlement Hearing, the Respondent carried on business in Edmonton, Alberta.
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
Charles Toth, Director, Litigation, 416-943-4619, [email protected]; Mark Stott, Vice-President, Prairie Region, 403-215-8329, [email protected]
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