WHEREAS on July 10, 2017, the Mutual Fund Dealers Association of Canada (“MFDA”) issued a Notice of Hearing pursuant to sections 20 and 24 of By-law No. 1 in respect of a disciplinary proceeding commenced against Cuiqin Ammy Yang (“Respondent”);
AND WHEREAS the Respondent did not file a Reply to the Notice of Hearing;
AND WHEREAS on September 12, 2017, the first appearance in this proceeding was held before one public representative of a Regional Council acting as Chair on behalf of a hearing panel of the Central Regional Council of the MFDA (“Hearing Panel”), pursuant to s. 19.13 of MFDA By-Law No. 1, during which time the hearing on the merits in this matter was scheduled to take place on March 8, 2018 at 10:00 am (Eastern) in the MFDA hearing room located at 121 King Street West, Suite 1000, Toronto, Ontario;
AND WHEREAS pursuant to s. 19.13 of MFDA By-Law No. 1, one public representative of a Regional Council may be designated to act on behalf of a Hearing Panel for the purpose of hearing and determining any procedural matter or motion relating to the conduct of a disciplinary hearing under sections 20 and 24 including, without limitation, granting adjournments, setting dates for hearings, and making any other orders or directions that a Hearing Panel is authorized to make under the Corporation’s rules of procedure, except a final determination of a disciplinary proceeding;
AND WHEREAS no one appeared for the Respondent, although properly notified of the appearance as to the purpose, timing and dial-in information of the appearance;
AND WHEREAS the hearing on the merits in this proceeding took place before a hearing panel of the Central Regional Council of the MFDA on March 8, 2018 at 10:00 a.m. (Eastern) in Toronto, Ontario;
AND WHEREAS no one appeared for the Respondent, although properly notified of the hearing by Staff, and the Corporate Secretary’s Office as to the purpose, timing and location of the hearing on the merits;
AND WHEREAS in the opinion of the Hearing Panel that the Respondent:
- on or about October 30, 2012, altered two account forms without evidence of client consent and submitted the altered account forms directly to the fund company to process trades, contrary to the policies and procedures of the Member and MFDA Rules 2.1.1, 2.10 and 1.1.2.
- between October 23, 2012 and December 14, 2012, submitted 18 account forms directly to fund companies to process trades in the accounts of four clients without the knowledge or approval of the Member, contrary to the policies and procedures of the Member and MFDA Rules 1.1.1(a), 2.1.1, 2.10 and 1.1.2.
- commencing on April 28, 2016, has failed to cooperate with an investigation into her activities conducted by Staff of the MFDA, contrary to section 22.1 of MFDA By-law No. 1.
IT IS HEREBY ORDERED THAT:
- the Respondent shall be permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member pursuant to s. 24.1.1(e) of MFDA By-law No. 1;
- the Respondent shall pay a fine in the amount of $75,000, pursuant to section 24.1.1(b) of MFDA By-law No. 1;
- the Respondent shall pay costs attributable to conducting the investigation and hearing of this matter in the amount of $10,000, pursuant to section 24.2 of MFDA By-law No. 1; and
Frederick W. ChenowethFrederick W. ChenowethChair
Edward V. JacksonEdward V. JacksonIndustry Representative
Kenneth P. MannKenneth P. MannIndustry Representative