July 24, 2018 (Toronto, Ontario) – A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision dated July 23, 2018 in connection with a settlement hearing held in Toronto, Ontario on June 28, 2018 in the matter of Simon Chi Ming Wong (“Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has paid a fine in the amount of $17,000;
- has paid costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement dated April 12, 2018, the Respondent admitted that:
- between July 2015 and November 2016, he falsified, and used to process transactions, six account forms in respect of eight clients by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1; and
- between February 2009 and February 2017, he obtained, possessed, and in some instances, used to process transactions, 80 pre-signed account forms in respect of 57 clients, contrary to MFDA Rule 2.1.1.
Copies of the Reasons for Decision and the Settlement Agreement are available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in Toronto, Ontario.
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.