TORONTO, Jan. 23, 2013 /CNW/ - A Settlement Hearing in the matter of Keith Kee-Peng Tan (the "Respondent") was held yesterday in Toronto, Ontario before a Hearing Panel of the MFDA's Central Regional Council. The Hearing Panel accepted the Settlement Agreement between MFDA Staff and the Respondent, as a consequence of which the Respondent has:
- been permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member; and
- paid costs of $5,000.
In the Settlement Agreement, the Respondent admitted that, from September 2008 to March 2009, he received referral fees in the amount of approximately $2,800 in respect of the sale of a security by another individual to two clients outside the Member, contrary to MFDA Rules 2.4.2 and 2.1.1.
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