October 25, 2022 (Toronto, Ontario) – A Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada (the “MFDA”) has issued its Reasons for Decision dated October 24, 2022 (“Reasons for Decision”), in connection with a settlement hearing held electronically by videoconference in Vancouver, British Columbia on September 16, 2022, in the matter of Hui Chuan Lisa Hsu (the “Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has been prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of five years, commencing September 16, 2022;
- has paid costs of $5,000;
- shall pay a fine of $20,000, payable in instalments as follows:
- $2,500 on September 16, 2022;
- $2,916.70 on or before October 31, 2022;
- $2,916.66 on or before November 30, 2022;
- $2,916.66 on or before December 31, 2022;
- $2,916.66 on or before January 31, 2023;
- $2,916.66 on or before February 28, 2023; and
- $2,916.66 on or before March 31, 2023.
A copy of the Reasons for Decision are available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent conducted business in the Richmond, 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 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.