The Mutual Fund Dealers Association of Canada (MFDA) announced this week that it has permanently banned Yuk Hang Sam Cheung, a former Richmond Hill advisor. He was also sanctioned with a fine of $75,000 plus $6,000 in costs.
Among the allegations found against him, the MFDA said Cheung had engaged in securities related business which was not carried on for the account of his MFDA dealer. He recommended, sold and facilitated the sale of, and/or made referrals “in respect of the sale of investments to at least 5 clients totaling approximately $246,100,” says the regulator.
The MFDA also found that Cheung also misled his dealer “during its investigation into his conduct when he provided false answers to the Member with respect to his knowledge of and involvement in referring clients to purchase investments outside the Member.”
To learn more, consult the Decision and Reasons on the MFDA website.