April 8, 2020 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) commenced a disciplinary proceeding in respect of Sylvia Suk Fan Wong (“Respondent”) by Notice of Hearing dated July 4 2019.
In its Decision (Misconduct) and Reasons dated February 22, 2021, the Hearing Panel outlined its reasons for its findings of misconduct made against the Respondent.
A penalty hearing in this proceeding was held on April 7, 2021, by electronic hearing in Vancouver, British Columbia before a three-member Hearing Panel of the MFDA’s Pacific Regional Council. After hearing submissions from the parties, the Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons in due course:
- a fine in the amount of $20,000 (“Fine”);
- costs in the amount of 10,000 (“Costs”);
- the payment of the Fine and Costs shall be made as follows:
- $5,000 (Fine) on or before April 17, 2021;
- $10,000 (Costs) on or before April 17, 2021;
- $2,500 (Fine) on or before May 1, 2021;
- $2,500 (Fine) on or before June 1, 2021;
- $2,500 (Fine) on or before July 1, 2021;
- $2,500 (Fine) on or before August 1, 2021;
- $2,500 (Fine) on or before September 1, 2021; and
- $2,500 (Fine) on or before October 1, 2021.
- if the Respondent fails to make any of the installment payments described above, any outstanding balance of the Fine and Costs owed by the Respondent shall become immediately due and payable to the MFDA.
Copies of the Decision (Misconduct) and Reasons and the Notice of Hearing are available on the MFDA website at www.mfda.ca. During the period described in the Decision (Misconduct) and Reasons, the Respondent conducted business in the Vancouver, 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 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.