February 4, 2019 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) announced that it has issued a Notice of Settlement Hearing dated January 4, 2019 (“Notice of Settlement Hearing”) regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA’s Pacific Regional Council.
The settlement agreement will be between Staff of the MFDA and Alan Truong (“Respondent”) and involves matters for which he may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The proposed settlement agreement concerns allegations that the Respondent:
- between January 22, 2016 and June 14, 2016, signed the signatures of four clients on four account forms and submitted the forms to the Member for processing, contrary to MFDA Rule 2.1.1; and
- on March 31, 2016, misled the Member on its quarterly compliance certificate when he falsely indicated to the Member that he did not sign client signatures, contrary to MFDA Rule 2.1.1.
The settlement hearing is to take place on April 25, 2019, commencing at 10:00 a.m. (Pacific), or as soon thereafter as the matter can be held, in the hearing room at the British Columbia Securities Commission, 701 West Georgia Street, Suite 1200, Vancouver, British Columbia.
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 Settlement Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Settlement Hearing, the Respondent carried on 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 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.