August 26, 2022 (Toronto, Ontario) – A settlement hearing in the matter of Jerry Bo Song (the “Respondent”) was held electronically by videoconference on August 25, 2022 in Vancouver, British Columbia before a three-member Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Hearing Panel accepted the settlement agreement dated May 30, 2022 (the “Settlement Agreement”), between Staff of the MFDA and the Respondent as a consequence of which the following sanctions were imposed on the Respondent:
- a suspension from acting as a branch manager or in any supervisory capacity for a Member of the MFDA for a period of four months; commencing August 25, 2022;
- a fine in the amount of $9,000;
- costs in the amount of $5,000;
- shall successfully complete the branch manager’s course offered by the Investment Funds Institute of Canada, the Investment Dealer Supervisors Course offered by the Canadian Securities Institute, or another industry course that is acceptable to Staff of the MFDA prior to acting as a branch manager or in any supervisory capacity in the future; and
- shall in the future comply with MFDA Rules 2.5.5(f) and 2.1.1.
In the Settlement Agreement, the Respondent admitted that between approximately October 2017 and November 2019, he, acting in his capacity as branch manager, reviewed and approved the use of a total of 24 altered and pre-signed forms, contrary to MFDA Rules 2.5.5(f) and 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 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.