TORONTO, May 26, 2016 /CNW/ - A Hearing Panel of the
Pacific Regional Council of the Mutual Fund Dealers Association of
Canada ("MFDA") has issued its
Decision and Reasons (Penalty) following a penalty hearing in
Vancouver, British Columbia on
April 7, 2016 in the matter of
Russell Chang (the "Respondent"). In
its Decision and Reasons (Penalty) dated May
26, 2016, the Hearing Panel announced the following
sanctions against the Respondent:
- a prohibition from conducting securities related business in
any capacity while in the employ or associated with an MFDA Member
for three (3) years;
- a fine in the amount of $25,000;
and
- costs in the amount of $2,500.
A copy of the Decision and Reasons (Penalty) is available on the
MFDA website at www.mfda.ca. During the period described in the
Decision and Reasons (Penalty), the Respondent carried on business
in Richmond, British Columbia.
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 83,000
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