July 24, 2020 (Toronto, Ontario) – A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision dated July 21, 2020 (“Reasons for Decision”) in connection with a settlement hearing held by electronic hearing in Toronto, Ontario on June 25, 2020 in the matter of Frank Siu-Cheong Pa (“Respondent”).
In its Reasons for Decision, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has been suspended from conducting securities related business in any capacity while in the employ of or associated with any Member of the MFDA for a period of five months;
- shall pay a fine of $25,000, payable in instalments as follows:
- $5,000 payable on June 25, 2020; and
- $1,667 payable on the first day of each month from August 1, 2020 to July 1, 2021;
- has paid costs of $5,000; and
- shall in the future comply with MFDA Rules 1.3.2, 1.1.1(a) and 2.1.1 and the policies and procedures of any Member with whom he is registered.
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.