TORONTO, June 23, 2014 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") today 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 Alfonso Chin (the "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 the Respondent:
between 2006 and 2011, engaged in securities related business that was not carried on for the account and through the facilities of the Member by referring or facilitating the sale of at least $3,105,000 of investments in a mortgage investment corporation to 2 clients and 11 other individuals outside the Member, contrary to MFDA Rules 1.1.1(a) and 2.1.1; and
between 2006 and 2011, received at least $102,053.56 in referral fees for referring or facilitating the sale of investments in a mortgage investment corporation to 2 clients and 11 other individuals, thereby participating in a referral arrangement in relation to securities related business to which the Member was not a party, contrary to the requirements of sections 13.7 and 13.8 of National Instrument 31-103, and MFDA Rules 2.4.2 and 2.1.1.
The Settlement Hearing, previously scheduled to take place as a hearing on the merits on July 21-22, 2014
, will instead take place on July 22, 2014
, at 10:00 a.m.
(Eastern), or as soon thereafter as the hearing can held, in the MFDA hearing room located at 121 King Street West
, Suite 1000, Toronto, Ontario
. The hearing will be open to the public, except as may be required for the protection of confidential matters.
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 Mississauga
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 111 Members and their approximately 80,000 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