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Order

Re:

Order


Order
File No. 201137






IN THE MATTER OF A DISCIPLINARY HEARING
PURSUANT TO SECTIONS 20 AND 24 OF BY-LAW NO. 1 OF
THE MUTUAL FUND DEALERS ASSOCIATION OF CANADA


Re: Bill Hsueh



ORDER


WHEREAS on January 30, 2012, the Mutual Fund Dealers Association of Canada (the
“MFDA”) issued a Notice of Hearing pursuant to section 20.1 of By-law No. 1 in respect of Bill
Hsueh (the “Respondent”);

AND WHEREAS the first appearance in this matter was held before a hearing panel of
the Central Regional Council of the MFDA (the “Hearing Panel”) on March 14, 2012;

AND WHEREAS on April 26, 2012, the hearing on the merits of this matter was held
before the Hearing Panel and proceeded by way of an Agreed Statement of Facts (“ASF”) in
which the Respondent admitted that he engaged in misconduct, as set out in the ASF;

AND WHEREAS the Respondent did not oppose the penalties sought by MFDA Staff;

AND WHEREAS the Hearing Panel considered the evidence filed and the submissions
of the Respondent and MFDA Staff;

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AND WHEREAS it is the opinion of the Hearing Panel that:

1. Between May 5, 2008 and September 15, 2008, the Respondent engaged in
securities related business that was not carried on for the account and through the
facilities of the Member, by recommending and facilitating the transfer of mutual
funds from client GL’s account to accounts at an online discount broker opened in
the name of GL and then trading equity securities held in the online accounts for
client GL, contrary to MFDA Rules 1.1.1(a) and 2.1.1;

2. Between May 2008 and September 2008, the Respondent engaged in conduct
unbecoming an Approved Person by failing to inform GL about the status of her
investments in the online accounts in an honest and accurate manner and by
failing to respond sufficiently or at all to specific queries by GL concerning the
status of her investments in the online accounts, contrary to MFDA Rule 2.1.1(c);
and

3. Between September 12, 2008 and December 9, 2009, the Respondent failed to
handle complaints received from client GL concerning the status of client GL’s
investments in the online accounts by failing to inform the Member of the
complaints and by attempting to settle the complaints directly with client GL
without the Member’s knowledge and involvement, contrary to:

a. MFDA Policy No. 3, MFDA Policy No. 6 and MFDA Rules 2.11 and
2.1.1; and
b. the Member’s policies and procedures, thereby interfering with the ability
of the Member to supervise the Respondent and comply with its
obligations under MFDA Rule 2.11, contrary to MFDA Rules 1.1.2 and
2.5.1.

IT IS HEREBY ORDERED THAT the following penalties are imposed upon the
Respondent:

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1. The Respondent is permanently prohibited from conducting securities related
business while in the employ of, or associated with, any MFDA Member,
pursuant to s. 24.1.1(e) of MFDA By-law No. 1; and
2. The Respondent shall pay costs of this proceeding in the amount of $2,500
pursuant to s. 24.2 of MFDA By-law No. 1.


DATED this 26th day of April, 2012.

“John Webber”
The Hon. John B. Webber, Q.C.,

Chair

“Linda Anderson”
Linda J. Anderson,

Industry Representative

“Kenneth Mann”
Kenneth P. Mann,
Industry Representative

Doc 293767

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