File No. 2016109
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: Christopher Sung-Il An
(ARISING FROM SETTLEMENT HEARING ON JANUARY 26, 2017)
WHEREAS on January 9, 2017, the Mutual Fund Dealers Association of Canada (the “MFDA”) issued a Notice of Settlement Hearing pursuant to section 24.4 of By-law No. 1 in respect of Christopher Sung-Il An (the “Respondent”);
AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated January 19, 2017 (the “Settlement Agreement”), in which the Respondent agreed to a proposed settlement of matters for which the Respondent could be disciplined pursuant to ss. 20 and 24.1 of By-law No. 1;
AND WHEREAS the Hearing Panel is of the opinion that:
- between February 2014 and September 2014, the Respondent processed 5 trades in the accounts of one client without the client’s authorization, contrary to MFDA Rules 2.3.1 and 2.1.1;
- between February 2014 and November 2014, the Respondent falsified the signature of one client on 5 account forms, contrary to MFDA Rule 2.1.1;
- in February 2014, the Respondent completed Know-Your-Client information on an account form in respect of one client without having met or discussed the information with the client, contrary to MFDA Rule 2.1.1; and
- in February 2014, the Respondent, without client authorization, changed one client’s address on the Member’s back office system so that it falsely appeared that the client was a resident of Ontario, thereby enabling the Respondent to circumvent the Member’s prohibition on processing trades in the accounts of clients who did not reside in Ontario, contrary to MFDA Rule 2.1.1.
IT IS HEREBY ORDERED THAT the Settlement Agreement is accepted, as a consequence of which:
- Respondent shall be permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any Member of the MFDA, pursuant to s. 24.1.1(e) of MFDA By-law No. 1; and
DATED: Jan 26, 2017
"Paul M. Moore"
Paul M. Moore
"Kenneth P. Mann"
Kenneth P. Mann
"Robert C. White"
Robert C. White