May 7, 2021 (Toronto, Ontario) – A Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision (Penalty) dated May 7, 2021 (“Reasons for Decision”), in connection with a penalty hearing held by electronic hearing on April 7, 2021, in the matter of Sylvia Suk Fan Wong (“Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- shall pay a fine of $20,000 (“Fine”);
- has paid costs of $10,000 (“Costs”);
- the payment of the Fine and Costs shall be made as follows:
- $5,000 (Fine) on or before April 17, 2021;
- $10,000 (Costs) on or before April 17, 2021;
- $2,500 (Fine) on or before May 1, 2021;
- $2,500 (Fine) on or before June 1, 2021;
- $2,500 (Fine) on or before July 1, 2021;
- $2,500 (Fine) on or before August 1, 2021;
- $2,500 (Fine) on or before September 1, 2021; and
- $2,500 (Fine) on or before October 1, 2021.
- if the Respondent fails to make any of the installment payments described above, any outstanding balance of the Fine owed by the Respondent shall become immediately due and payable to the MFDA.
A copy of the Reasons for Decision (Penalty) is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision (Penalty), the Respondent conducted business out of the Vancouver, British Columbia 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 80,000 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.