October 20, 2023 (Toronto, Ontario) – A settlement hearing in the matter of Seongho (Steve) Park (the “Respondent”) was held electronically by videoconference on June 29, 2023, in Vancouver, British Columbia before a three-member Hearing Panel of the Pacific District Hearing Committee of the Canadian Investment Regulatory Organization (“CIRO”). The Hearing Panel accepted the settlement agreement dated April 24, 2023 (the “Settlement Agreement”), between Staff of CIRO and the Respondent as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $10,000 in certified funds upon acceptance of the Settlement Agreement;
- costs in the amount of $5,000 in certified funds upon acceptance of the Settlement Agreement.
In the Settlement Agreement, the Respondent admitted that between August 2016 and May 2017, he opened a new Tax-Free-Savings-Account and processed two mutual fund purchases in respect to a client who was a non-resident of Canada, which he was not permitted to do pursuant to the policies and procedures of the Member, and MFDA Rules 2.2.1, 2.1.1 and 1.1.2 (as it relates to MFDA Rule 2.5.1) (now Mutual Fund Dealer Rules 2.2.1(1), 2.1.1, 1.1.2 and 2.5.1).
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent conducted business in the North Vancouver, British Columbia area.
The Hearing Panel has issued its Reasons for Decision dated August 28, 2023 in connection with the settlement hearing (“Reasons for Decision”). In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent.
A copy of the Reasons for Decision is available at www.mfda.ca.
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All information about disciplinary proceedings relating to current and former member firms and individual registrants is available in the Enforcement section of the IIROC website for investment dealer disciplinary proceedings and the MFDA website for mutual fund dealer disciplinary proceedings.
Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated firms (Investment Dealer Division) is available free of charge through the AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.
CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO 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.ciro.ca.