April 22, 2021 (Toronto, Ontario) – A settlement hearing in the matter of Ada Tse (“Respondent”) was held today by electronic hearing before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Hearing Panel accepted the settlement agreement dated March 9, 2021 (“Settlement Agreement”), between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $14,000;
- costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
- between October 31, 2012 and August 9, 2016, she obtained, possessed, and used to process transactions, 24 pre-signed account forms in respect of 15 clients, contrary to MFDA Rule 2.1.1; and
- between April 19, 2013 and February 7, 2017, she altered and used to process transactions, 11 account forms in respect of 4 clients, by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1.
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 out of the Richmond Hill, Ontario 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.