New SRO Hearing Panel issues Reasons for Decision in the matter of Nhat Trieu
February 28, 2023 (Toronto, Ontario) – A Hearing Panel of the Mutual Fund Dealers Association of Canada, now New Self-Regulatory Organization of Canada (“New SRO”), has issued its Reasons for Decision dated January 20, 2023 (“Reasons for Decision”), in connection with a settlement hearing held electronically by videoconference in Toronto, Ontario on August 19, 2022, in the matter of Nhat Nick Trieu (the “Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has been permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any New SRO Member;
- shall pay a fine in the amount of $40,000 (“Fine”);
- shall pay 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 New SRO, unless a New SRO Hearing Panel provides otherwise.
A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent carried on business in the Markham, Ontario area.
New Self-Regulatory Organization of Canada is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. New SRO is carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada, and is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.newselfregulatoryorganizationofcanada.ca.