MFDA announces disciplinary proceeding in respect of Leo Lam
June 21, 2018 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of Leo Thach Quang Lam (“Respondent”).
In its Notice of Hearing dated May 7, 2018, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: commencing no later than July 2013, the Respondent misappropriated or failed to account for monies invested by client AL, thereby failing to deal fairly, honestly and in good faith with his client, failing to observe high standards of ethics and conduct in the transaction of business, or engaging in conduct that is unbecoming and detrimental to the public interest, contrary to MFDA Rule 2.1.1.
Allegation #2: commencing no later than July 2013, the Respondent processed trades in client AL’s investment accounts without the client’s knowledge or authorization, thereby engaging in discretionary trading, contrary to MFDA Rules 2.3.1(a) and 2.1.1; and
Allegation #3: commencing in July 2016, the Respondent has failed to cooperate with the MFDA’s investigation into his conduct, contrary to section 22.1 of MFDA By-law No. 1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA’s Prairie Regional Council on July 17, 2018 at 10:30 a.m. (Mountain), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The appearance will be open to the public, except as may be required for the protection of confidential matters. Members of the public who would like to listen to the teleconference should contact hearings@mfda.ca to obtain particulars. The Hearing on the Merits will take place in Calgary, Alberta.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in the Calgary, Alberta 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 82,000 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.
DM 621317
