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 Hearing Panel advised that it will issue written reasons for its decision in due course. A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. 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