March 7, 2017 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Winston King-Loong Kuit (the “Respondent”) by Notice of Hearing dated February 6, 2017 (the “Notice of Hearing”).
As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, the settlement hearing in this proceeding will take place on March 14, 2017, commencing at 10:00 a.m. (Pacific) or as soon thereafter as the matter can be heard, in the hearing room at the British Columbia Securities Commission, located at 1200-701 West Georgia Street, Vancouver, British Columbia.
The subject matter of the proposed settlement agreement concerns matters for which the Respondent may be disciplined pursuant to ss. 20 and 24.1.1 of By-law No. 1 of the MFDA. In particular, the settlement agreement concerns allegations that the Respondent:
- between 2010 and August 2013, recommended, sold, referred or facilitated the sale of approximately $1.55 million in investments in an unapproved investment to seven (7) clients, seven (7) former clients and four (4) other individuals, outside the facilities of his Members, contrary to MFDA Rules 1.1.1 and 2.1.1; and;
- in November 2012, completed an annual compliance questionnaire for his Member which contained responses that were false and misleading, thereby interfering with the Member’s ability to supervise his conduct, contrary to MFDA Rule 2.1.1.
MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent carried on business in the Burnaby, 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 83,000 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.
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