TORONTO, Jan. 30, 2023 /CNW/ – The Mutual Fund Sellers Affiliation of Canada (the “MFDA”), now New Self-Regulatory Group of Canada (“New SRO”) has commenced disciplinary proceedings in respect of Wenyuan (Simon) Fan (the “Respondent”). In its Discover of Listening to dated December 28, 2022 (the “Discover of Listening to”), Employees of the New SRO alleges that the Respondent engaged within the following conduct opposite to the By-laws, Guidelines and/or Insurance policies of the MFDA:
Allegation #1: In January 2021, the Respondent opened a brand new account for shopper YQ and processed transactions within the shopper’s account:
a) with out the authorization of the shopper; or
b) primarily based on false or deceptive statements he made to the shopper,
opposite to the Member’s insurance policies and procedures and MFDA Guidelines 2.1.1, 1.1.2 (because it pertains to MFDA Rule 2.5.1), or 2.1.4.1
Allegation #2: In January 2021, the Respondent signed the signature and initials of shopper YQ on an account opening type and submitted it to the Member for processing, opposite to MFDA Rule 2.1.1.
Allegation #3: Between January and February 2021, the Respondent recorded false or deceptive notes on the Member’s system, opposite to MFDA Rule 2.1.1.
Allegation #4: In February 2021, the Respondent made false or deceptive statements to shopper YQ after opening the brand new account for shopper YQ and processing transactions within the shopper’s account, opposite to MFDA Rule 2.1.1.
Allegation #5: In February 2021, the Respondent made false or deceptive statements to the Member through the course of an investigation into his conduct, opposite to MFDA Rule 2.1.1.
The primary look on this continuing will happen by teleconference earlier than a Listening to Panel of the New SRO’s Ontario District Listening to Committee on February 2, 2023 at 10:00 a.m. (Jap), or as quickly thereafter as the looks will be held, to schedule a date for the graduation of the listening to on the deserves and to handle another procedural points. The looks shall be open to the general public, besides as could also be required for the safety of confidential issues. Members of the general public who would really like to take heed to the teleconference ought to contact [email protected] to acquire particulars.
A duplicate of the Discover of Listening to is obtainable on the MFDA web site at www.mfda.ca. In the course of the interval described within the Discover of Listening to, the Respondent carried on enterprise within the Ottawa, Ontario space.
New Self-Regulatory Group of Canada is the nationwide self-regulatory group that oversees all funding sellers, mutual fund sellers and buying and selling exercise on Canada’s debt and fairness marketplaces. New SRO is carrying on the regulatory features of the Funding Trade Regulatory Group of Canada and the Mutual Fund Sellers Affiliation of Canada, and is dedicated to the safety of buyers, offering environment friendly and constant regulation, and constructing Canadians’ belief in monetary regulation and the folks managing their investments. For extra info, go to www.newselfregulatoryorganizationofcanada.ca.
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SOURCE Mutual Fund Sellers Affiliation of Canada
For additional info: Charles Toth, Vice-President, Enforcement, 416-943-4619, [email protected]
