TORONTO, Sept. 17, 2021 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Decision (Penalty) and Reasons dated September 15, 2021 ("Decision and Reasons"), in connection with a disciplinary hearing held by electronic hearing in Toronto, Ontario on April 15, 2021, in the matter of Viet Ton-That (the "Respondent").
As previously announced, the Hearing Panel made the following findings of misconduct against the Respondent:
a) between February 14, 2018 and October 19, 2018, the Respondent misappropriated, or failed to account for, monies from two clients, thereby failing to deal fairly, honestly and in good faith with the clients, failing to observe high standards of ethics and conduct in the transaction of business, and engaging in business conduct or practice unbecoming or detrimental to the public interest, contrary to MFDA Rule 2.1.1;
b) between no later than February 2018 and October 22, 2018, the Respondent engaged in personal financial dealings with a client by borrowing monies from a client, thereby giving rise to a conflict or potential conflict of interest which the Respondent failed to disclose to the Member or otherwise address by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to the Member's policies and procedures and MFDA Rules 2.1.4, 1.1.2, 2.5.1, and 2.1.1; and
c) commencing December 20, 2019, the Respondent failed to cooperate with an investigation by MFDA Staff into his conduct, contrary to section 22.1 of MFDA By-law No. 1.
At the hearing on April 15, 2021, the parties made submissions with respect to penalty and the Hearing Panel reserved its decision. In its Decision and Reasons, the Hearing Panel has imposed the following sanctions on the Respondent:
a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member;
a fine in the amount of $40,000; and
costs in the amount of $5,000.
A copy of the Decision (Penalty) and Reasons is available on the MFDA website at www.mfda.ca. During the period described in the Decision (Penalty) and Reasons, the Respondent carried on business in the Brampton, Ontario 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.
SOURCE Mutual Fund Dealers Association of Canada
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