TORONTO, May 19, 2022 /CNW/ – The Mutual Fund Dealers Association of Canada (“MFDA”) has initiated disciplinary proceedings against Hon Ting (Patrick) Yung (the “Respondent”) by Notice of Hearing dated November 24, 2021 (“Notice of Hearing”).
A disciplinary hearing in these proceedings was held today electronically via videoconference before a Hearing Panel comprised of three members of the MFDA’s Central Regional Council. After receiving the evidence and hearing submissions from MFDA staff, the Hearing Panel concluded that the two allegations set out in the Notice of Hearing had been established. In particular, the Hearing Panel made the following findings of misconduct:
Allegation #1: Between October 2017 and October 4, 2019 the Respondent misappropriated or failed to account for money obtained from clients and others, contrary to MFDA Rule 2.1.1.
Allegation #2: Beginning November 27, 2019the Respondent failed to cooperate with an investigation by MFDA staff into his conduct, contrary to Section 22.1 of MFDA By-Law No. 1.
Following MFDA Staff’s submissions regarding the sanction, the Hearing Panel imposed the following sanctions on the Respondent and advised that it would issue written reasons in due course:
a permanent ban from engaging in securities-related activities in any capacity while employed by or associated with a Member of the MFDA;
a fine in the amount of $300,000; and
fees in the amount of $10,000.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the transactions, standards of practice and business conduct of its members and their approximately 80,000 Approved Persons with a mandate to protect investors and investors. public interest. For more information on the MFDA’s complaint and enforcement processes, as well as links to ‘Check an Advisor’ and other investor tools, visit For investors page on the MFDA website.
SOURCE Mutual Fund Dealers Association of Canada
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