A Mutual Fund Dealers Association of Canada (MFDA) Hearing Panel held in Vancouver Aug. 15 has approved a settlement agreement with Dan Vivian Wang. Wang was imposed a fine of $20,000 and will be prohibited from conducting securities related business while employed or associated with a MFDA Member for six months. She will also have to pay $5,000 in costs.
Wang admitted to accepting $15,000 cash from a client, and deposited it into her own bank account before transferring it back to the client. Because of this, the MFDA found that she had engaged in personal financial dealings with a client contrary to MFDA Rules 2.14 and 2.1.1.
Circumvented FINTRAC requirement
Further, she deposited the $15,000 in two separate transactions, circumventing the large cash reporting requirements of the Financial Transactions and Report Analysis Centre of Canada.
Furthermore, “She falsely represented to the Member that she had returned $15,000 cash received from client PL when she had in fact deposited the monies into her own bank account, thereby misleading the Member and interfering with its ability to supervise her conduct, contrary to MFDA Rule 2.1.1.,” stated the MFDA.