June 20, 2022 (Toronto, Ontario) – A settlement hearing in the matter of Geng (Marshall) Liu (the “Respondent”) was held electronically by videoconference on June 16, 2022 in Vancouver, British Columbia before a three-member Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Hearing Panel accepted the settlement agreement dated April 13, 2022 (the “Settlement Agreement”), between Staff of the MFDA and the Respondent as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $20,000 (“Fine”);
- costs in the amount of $5,000 (“Costs”);
- payment of the Fine and Costs shall be made in instalments as follows:
- $5,000 (Costs) on June 16, 2022;
- $5,000 (Fine) on June 16, 2022;
- $7,500 (Fine) on or before July 29, 2022;
- $7,500 (Fine) on or before August 31, 2022; and
- shall in the future comply with MFDA Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
- between October 2017 and April 2019, he obtained and possessed 14 pre-signed account forms in respect of 8 clients, contrary to MFDA Rule 2.1.1; and
- between October 2017 and November 2019, he altered and used to process transactions 27 account forms in respect of 20 clients by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1.
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 Richmond, 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 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.