June 11, 2019 (Toronto, Ontario) – A Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision dated June 10, 2019 (“Reasons for Decision”) in connection with a settlement hearing held in Vancouver, British Columbia on April 25, 2019 in the matter of Alan Truong (“Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- is prohibited from conducting securities related business in any capacity while in the employ of or associated with a MFDA Member for a period of six months;
- shall pay a fine of $5,000 (“Fine”);
- has paid costs of $2,500 (“Costs”);
- the Fine and Costs shall be payable as follows:
- $2,500 (Costs) upon the acceptance of the Settlement Agreement;
- $555.55 (Fine) on or before May 31, 2019;
- $555.55 (Fine) on or before June 28, 2019;
- $555.55 (Fine) on or before July 31, 2019 ;
- $555.55 (Fine) on or before August 30, 2019;
- $555.55 (Fine) on or before September 30, 2019;
- $555.55 (Fine) on or before October 31, 2019;
- $555.55 (Fine) on or before November 29, 2019;
- $555.55 (Fine) on or before December 31, 2019;
- $555.55 (Fine) on or before January 31, 2020; and
- shall in the future comply with MFDA Rule 2.1.1.
A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, 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.