MFDA Hearing Panel issues Reasons for Decision in the matter of Brian Chung
TORONTO, July 20, 2018 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated July 20, 2018 in connection with a settlement hearing held in Toronto, Ontario held on March 29, 2018 in the matter of Brian Chung ("Respondent").
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has paid a fine in the amount of $15,000;
- has paid costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement dated December 28, 2017, the Respondent admitted that:
| a) |
on January 28, 2016, he processed an unauthorized withdrawal from the bank account of two (2) clients in order to purchase mutual funds on behalf of the clients, contrary to MFDA Rule 2.1.1; and |
| b) |
between January 15, 2016 and January 29, 2016, he misled two clients about the status of a cheque that the clients had provided to him for the purchase of mutual funds, contrary to MFDA Rule 2.1.1. |
Copies of the Reasons for Decision and the Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in the North York, 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
please contact: Charles Toth, Director, Litigation, 416-943-4619, [email protected]
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