A Mutual Fund Dealers Association of Canada (MFDA) hearing panel imposed a fine of $75,000 on advisor Cuiqin Ammy Yang following the establishment of three allegations of misconduct, announced the regulator March 9.
The MFDA says that on or about Oct. 30, 2012 Yang altered two account forms without evidence of client consent and submitted the altered account forms directly to the fund company to process trades. Between Oct. 23, 2012 and Dec. 14, 2012, she submitted 18 account forms directly to fund companies to process trades in the accounts of four clients without knowledge or approval of the MFDA Member, the regulator found. During this period, she did business in the Markham, Ontario area.
Failed to cooperate
Finally, the MFDA says Yang failed to cooperate with an investigation into her activities conducted by its staff.
In addition to the fine, Yang is required to pay $10,000 in costs and is permanently prohibited from conducting securities related business while in the employ of, or associated with any MFDA Member.