October 14, 2020 (Toronto, Ontario) – A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Decision (Penalty) and Reasons dated October 13, 2020 (“Decision and Reasons”) in connection with a disciplinary hearing held by electronic hearing on June 8 and June 26, 2020, in Toronto, Ontario in the matter of Rebecca Wai-Chiu Li (“Respondent”).
In its Decision and Reasons, the Hearing Panel outlined its reasons for its findings of misconduct and imposed the following sanctions on the Respondent:
- a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member;
- a fine in the amount of $850,000; and
- costs in the amount of $20,000.
A copy of the Decision (Penalty) and Reasons is available on the MFDA website at www.mfda.ca. During the period described in the Decision (Penalty) and Reasons, the Respondent conducted business in Richmond Hill, Ontario.
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 81,000 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.