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MFDA Notice of Settlement Hearing

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HomeCompleted Hearings201762 - Dan Vivian Wang › NoSH201762

File No. 201762

IN THE MATTER OF A SETTLEMENT HEARING PURSUANT TO SECTION 24.4 OF BY-LAW NO. 1 OF THE MUTUAL FUND DEALERS ASSOCIATION OF CANADA

Re: Dan Vivian Wang

Notice of Settlement Hearing

NOTICE is hereby given that a hearing will be held before a hearing panel of the Pacific Regional Council (“Hearing Panel”) of the Mutual Fund Dealers Association of Canada (“MFDA”) in the hearing room at the British Columbia Securities Commission, located at 1200-701 West Georgia Street, Vancouver, British Columbia on August 15, 2017 at 10:00 a.m. (Pacific), or as soon thereafter as the matter can be heard, to consider whether, pursuant to section 24.4 of By-law No. 1 of the MFDA, the Hearing Panel should accept the settlement agreement (“Settlement Agreement”) entered into between Staff of the MFDA and Dan Vivian Wang (“Respondent”).

The subject matter of the proposed Settlement Agreement concerns matters for which the Respondent may be disciplined as an Approved Person of the MFDA, pursuant to ss. 20 and 24.1.1 of By-law No. 1 of the MFDA.

DATED: Jun 22, 2017

"Sarah Rickard"

Sarah Rickard

Director of Regional Councils

Mutual Fund Dealers Association of Canada
121 King St. West, Suite 1000
Toronto, ON M5H 3T9
Telephone: 416-945-5143
Fax: 416-361-9781
E-mail: corporatesecretary@mfda.ca

PARTICULARS

  1. The proposed Settlement Agreement concerns allegations that:
    1. between December 18, 2014 and February 2, 2015, the Respondent accepted $15,000 cash from client PL, and deposited the monies into her own bank account prior to transferring the monies to the client PL’s bank account, thereby engaging in personal financial dealings with a client contrary to MFDA Rules 2.1.4 and 2.1.1;
    2. between December 20, 2014 and February 2, 2015, the Respondent deposited $15,000 cash from client PL into her own bank account in two separate transactions, thereby circumvented the large cash transaction reporting requirements to the Financial Transactions and Report Analysis Centre of Canada, contrary to MFDA Rule 2.1.1 and the Member’s policies and procedures regarding proceeds of crime, money laundering and terrorist financing; and
    3. between December 18, 2014 and March 31, 2015, the Respondent falsely represented to the Member that she had returned $15,000 cash received from client PL when she had in fact deposited the monies into her own bank account, thereby misleading the Member and interfering with its ability to supervise her conduct, contrary to MFDA Rule 2.1.1.
  1. 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.

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