MFDA Order

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File No. 201904

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

Re: Alan Truong

Order

(ARISING FROM APPEARANCE ON APRIL 25, 2019)

WHEREAS on January 4, 2019, the Mutual Fund Dealers Association of Canada (the “MFDA”) issued a Notice of Settlement Hearing in respect of Alan Truong (the “Respondent”);

AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated January 3, 2019 (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,

  1. between January 22, 2016 and June 14, 2016, the Respondent signed the signatures of 4 clients on 4 account forms and submitted the forms to the Member for processing, contrary to MFDA Rule 2.1.1; and
  2. on March 31, 2016, the Respondent misled the Member on its quarterly compliance certificate when he falsely indicated to the Member that he did not sign client signatures, contrary to MFDA Rule 2.1.1.

IT IS HEREBY ORDERED THAT the Settlement Agreement is accepted, as a consequence of which:

  1. The Respondent shall be prohibited from conducting securities related business in any capacity while in the employ of or associated with a MFDA Member for a period of 6 months pursuant to s. 24.1.1(e) of MFDA By-law No. 1;
  2. The Respondent shall pay a fine of $5,000, in certified funds, pursuant to Section 24.1.1(b) of MFDA Bylaw No. 1 (“Fine”);
  3. The Respondent shall pay costs in the amount of $2,500, in certified funds, pursuant to section 24.2 of Bylaw No. 1 (“Costs”);
  4. The Respondent shall pay the Fine and Costs in certified funds as follows:
    1. $2,500 (Costs) upon the acceptance of the Settlement Agreement;
    2. $555.55 (Fine) on or before May 31, 2019;
    3. $555.55 (Fine) on or before June 28, 2019;
    4. $555.55 (Fine) on or before July 31, 2019 ;
    5. $555.55 (Fine) on or before August 30, 2019;
    6. $555.55 (Fine) on or before September 30, 2019;
    7. $555.55 (Fine) on or before October 31, 2019;
    8. $555.55 (Fine) on or before November 29, 2019;
    9. $555.55 (Fine) on or before December 31, 2019; and
    10. $555.55 (Fine) on or before January 31, 2020.
  1. If at any time a non-party to this proceeding, with the exception of the bodies set out in section 23 of MFDA By-law No. 1, requests production of or access to exhibits in this proceeding that contain personal information as defined by the MFDA Privacy Policy, then the MFDA Corporate Secretary shall not provide copies of or access to the requested exhibits to the non-party without first redacting from them any and all personal information, pursuant to Rules 1.8(2) and (5) of the MFDA Rules of Procedure.

DATED: Apr 25, 2019

"Robert Ward, QC"

Robert Ward, QC

Chair


"Darlene Barker"

Darlene Barker

Industry Representative


"Holly Millar"

Holly Millar

Industry Representative


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