TORONTO, Sept. 16, 2021 /CNW/ - A settlement hearing in the matter of Khoa Anh Nguyen (the "Respondent") was held on September 15, 2021 by electronic hearing in Fort McMurray, Alberta, before a three-member Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel accepted the settlement agreement dated September 7, 2021 ("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 $25,000;
costs in the amount of $2,500; and
shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
a) between January 2017 and August 2018, he photocopied signature pages from account forms that had been previously signed by clients and re-used the signature pages to complete 21 additional forms in respect of 4 clients, contrary to MFDA Rule 2.1.1; and
b) between January 2017 and June 2018, he obtained and possessed 10 pre-signed account forms in respect of 3 clients, contrary to MFDA Rule 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 Fort McMurray, Alberta 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 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
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