The Mutual Fund Dealers Association of Canada (MFDA) announced March 6 that Quan Matthew Anh Nguyen has been permanently banned and fined $75,000 plus costs of $6,500 for misconduct.
An MFDA hearing panel made the following finding of misconduct: “Commencing in or about September 2017, the Respondent failed to cooperate with an investigation.”
In a notice of hearing issued Oct. 1, the MFDA stated that its staff had reviewed 7 loan applications processed by Nguyen for mutual fund clients. “Each of the 7 loan applications reviewed by Staff contained information or documentation that was suspicious or false,” says the notice.
Nguyen failed to respond to an MFDA staff letter and failed to attend an interview requested by MFDA staff investigating the matter. “As a result of the Respondent’s failure to cooperate, Staff cannot determine the full nature and extent of the Respondent’s conduct …including whether and to what extent the Respondent participated in the potentially fraudulent loan applications,” says the notice.
Nguyen conducted business as a mutual fund advisor in the Mississauga, Ontario area. To learn more, consult the notice of hearing on the MFDA’s website.