MFDA issues Notice of Settlement Hearing in respect of Jeffery Chi Kin Lau
TORONTO, Sept. 20, 2017 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") announced that it has issued a Notice of Settlement Hearing regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA's Central Regional Council.
The settlement agreement will be between Staff of the MFDA and Jeffery Chi Kin Lau ("Respondent") and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The proposed settlement agreement concerns allegations that:
| a) |
on June 2, 2016, the Respondent falsified four (4) client signatures or client initials on two (2) account forms in respect of one (1) client, contrary to MFDA Rule 2.1.1; |
| b) |
on June 2, 2016, the Respondent opened a client account and processed a transaction without client authorization, contrary to MFDA Rules 2.3.1 and 2.1.1; |
| c) |
between June 6, 2016 and July 18, 2016, the Respondent failed to report a complaint to the Member, contrary to the Member's policies and procedures and MFDA Policy No. 6 and MFDA Rule 2.1.1; |
| d) |
between about June 6, 2016 and June 22, 2016, the Respondent attempted to pay compensation directly to a client to settle the client's complaint, without obtaining prior consent of the Member, contrary to the Member's policies and procedures, and MFDA Policy No. 3 and MFDA Rule 2.1.1; |
| e) |
between June 30, 2016 and July 19, 2016, the Respondent misled the Member during the course of its investigation into his conduct, thereby interfering with the Member's ability to supervise the Respondent, contrary to MFDA Rule 2.1.1 and |
| f) |
between June 3, 2016 and July 19, 2016, the Respondent misled the client with respect to the processing of an unauthorized transaction, contrary to MFDA Rule 2.1.1. |
The settlement hearing is scheduled to take place on January 25, 2018, commencing at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be held, in the hearing room at the offices of the MFDA, located at 121 King Street West, Suite 1000, Toronto, Ontario.
MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.
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 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
Charles Toth, Director, Litigation, 416-943-4619, [email protected]
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