A Mutual Fund Dealers Association (MFDA) hearing panel has imposed a $100,000 fine on Leo Thach Quang Lam for misconduct, announced the regulator Nov. 23.

The MFDA hearing panel found that Lam misappropriated or failed to account for monies invested by a client; processed trades in the client’s investment accounts without the client’s knowledge or authorization and failed to cooperate with the MFDA’s investigation into his conduct. 

Lam has also been sanctioned with costs in the amount of $7,500 and has been permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member.