MFDA issues Notice of Settlement Hearing in respect of Christopher Sung-Il An
January 16, 2017 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) announced that it has issued a Notice of Settlement Hearing regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA’s Central Regional Council.
The settlement agreement will be between Staff of the MFDA and Christopher Sung-Il An (the “Respondent”) and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The proposed settlement agreement concerns allegations that:
- between February 2014 and September 2014, he processed five (5) trades in the accounts of one (1) client without the client’s authorization, contrary to MFDA Rules 2.3.1 and 2.1.1;
- between February 2014 and November 2014, he falsified the signature of one (1) client on five (5) account forms, contrary to MFDA Rule 2.1.1;
- in February 2014, he completed Know-Your-Client information on an account form in respect of one (1) client without having met or discussed the information with the client, contrary to MFDA Rule 2.1.1; and
- in February 2014, he, without client authorization, changed one (1) 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.
The settlement hearing is scheduled to take place on January 26, 2017, commencing at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be held, in the hearing room at the offices of the MFDA, located at 121 King Street West, Suite 1000, Toronto, Ontario.
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. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.
A copy of the Notice of Settlement Hearing is available on the MFDA website at www.mfda.ca.
During the period described in the Notice of Settlement Hearing, the Respondent carried on business in the Greater Toronto Area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 83,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA’s complaint and enforcement processes, as well as links to ‘Check an Advisor’ and other Investor Tools, visit the For Investors page on the MFDA website.