TORONTO, Feb. 1, 2013 /CNW/ - The MFDA today announced that it has commenced a disciplinary proceeding in respect of Tony Siu Fai Tong (the "Respondent"). MFDA staff alleges in its Notice of Hearing that the Respondent engaged in the following conduct contrary to the By-laws, Rules or Policies of the MFDA:
Allegation #1: Between July 2006 and August 2008, the Respondent engaged in securities related business that was not carried on for the account and through the facilities of the Member by selling, recommending, facilitating the sale or making referrals in respect of the sale of approximately $1,890,000 of limited partnerships to at least 39 clients outside the Member, contrary to MFDA Rules 1.1.1(a), 2.4.2(b) and 2.1.1.
Allegation #2: Between July 2006 and August 2008, the Respondent had and continued in another gainful occupation which was not disclosed to and approved by the Member by selling, recommending, facilitating the sale or making referrals in respect of the sale of approximately $1,890,000 of limited partnerships to at least 39 clients outside the Member, contrary to MFDA Rules 1.2.1(d) and 2.1.1.
Allegation #3: Between December 2010 and January 2011, the Respondent engaged in conduct unbecoming an Approved Person by providing false and misleading responses to the Member during the course of the Member's investigation, contrary to MFDA Rule 2.1.1.
Allegation #4: Between December 2002 and February 2011, the Respondent obtained and maintained 7 pre-signed forms in respect of 5 client files, thereby engaging in a practice unbecoming an Approved Person, contrary to MFDA Rule 2.1.1.
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Prairie Regional Council on March 20, 2013 at 9:00 a.m. (Mountain) in the MFDA hearing room located at 800 - 6th Avenue S.W., Suite 850, Calgary, Alberta.
The purpose of the appearance is to set a date for the hearing of this matter on its merits and to address any other procedural matters and will be open to the public, except as may be required for the protection of confidential matters.
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