October 8, 2021 (Toronto, Ontario) – A settlement hearing in the matter of Yukun Wang (the “Respondent”) was held on October 7, 2021 by electronic hearing in Edmonton, Alberta before a three-member Hearing Panel of the Prairie Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Hearing Panel accepted the settlement agreement dated September 27, 2021 (“Settlement Agreement”), between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member for a period of six months;
- a fine in the amount of $5,000; and
- costs in the amount of $2,500.
In the Settlement Agreement, the Respondent admitted that on April 30, 2019 and on November 8, 2019, he sent confidential client information to his personal email address for his personal advantage without obtaining the prior written consent of the clients, contrary to the Members’ policies and procedures and MFDA Rules 2.1.3, 2.1.1, 2.5.1 and 1.1.2.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent conducted business in the Edmonton, Alberta 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.