TORONTO, Oct. 22, 2013 /CNW/ - A Hearing Panel of the Prairie Regional Council of the MDFA has issued its Decision and Reasons in connection with the disciplinary hearing held in Calgary, Alberta on May 24, 2013 in the matter of Tony Siu Fai Tong.
In its Decision and Reasons, the Hearing Panel found that Allegations 1, 2 and 3 made against the Respondent in the Notice of Hearing issued January 21, 2013 had been established. As a consequence, 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 of $90,000; and
- costs of $7,500.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 115 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE Mutual Fund Dealers Association of Canada