September 1, 2022 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Nhat Nick Trieu (the “Respondent”) by Notice of Hearing dated March 14, 2022, as amended on August 19, 2022 (“Amended Notice of Hearing”).
A disciplinary hearing in this proceeding was held on August 19, 2022 electronically by videoconference before a three-member Hearing Panel of the MFDA’s Central Regional Council. After receiving evidence and hearing submissions from the parties, the Hearing Panel found that the allegation set out in the Amended Notice of Hearing had been established. In particular, the Hearing Panel made the following findings of misconduct:
Following submissions from the parties with respect to penalty, the Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons in due course:
- a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member;
- a fine in the amount of $40,000 (“Fine”);
- costs in the amount of $7,500 (“Costs”);
- payment of the Fine and Costs shall be made in instalments as follows:
- $1,666.82 (Fine) on or before September 1, 2022;
- $1,666.66 (Fine) to commence or before October 1, 2022 and to be paid for twenty-three consecutive months, on or before the first day of every month;
- $312.50 (Costs) to commence on or before September 1, 2022 and to be paid for twenty-four consecutive months, on or before the first day of every month; and
- if the Respondent fails to make any of the payments described above when the payments become due, then the unpaid balance of the Fine and Costs owed by the Respondent shall immediately become due and payable to the MFDA, unless an MFDA Hearing Panel provides otherwise.
A copy of the Amended Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Amended Notice of Hearing, the Respondent carried on business in the Markham, Ontario 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 76,695 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.