MFDA announces disciplinary proceeding in respect of My Phuong "Vicky" Luong Dao

TORONTO, Dec. 6, 2019 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of My Phuong "Vicky" Luong Dao ("Respondent"). In its Notice of Hearing dated November 26, 2019 ("Notice of Hearing"), Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:

Allegation #1: Commencing in March 2010, the Respondent has been engaged in an outside business activity that was not disclosed to or approved by the Member, contrary to the policies and procedures of the Member and MFDA Rule 1.2.1(d)¹ (now Rule 1.3.2) and MFDA Rules 2.10, 2.5.1 and 1.1.2.

Allegation #2: Commencing in March 2010, the Respondent engaged in personal financial dealings with client MH by:

all of which gave rise to conflicts or potential conflicts of interest that the Respondent failed to disclose to her Member, disclose in writing to the client, or otherwise address by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to the Member's policies and procedures, and MFDA Rules 2.1.4, 2.1.1, 1.1.2, 2.10, and 2.5.1.

Allegation #3: Between November 2012 and November 2016, the Respondent submitted five Annual Representative Compliance Certification questionnaires to the Member that contained false or misleading responses, thereby interfering with the ability of the Member to supervise the Respondent's activities, failing to observe high standards and conduct in the transaction of business, and engaging in conduct that is unbecoming and detrimental to the public interest, contrary to MFDA Rules 2.1.1, 1.1.2 and 2.5.1.

The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on January 14, 2020 at 10:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The appearance will be open to the public, except as may be required for the protection of confidential matters. Members of the public who would like to listen to the teleconference should contact hearings@mfda.ca to obtain particulars.

A copy of the Notice of Hearing is available on the MFDA website at ww.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in Richmond Hill, Ontario.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 81,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA's complaint and enforcement processes, as well as links to 'Check an Advisor' and other Investor Tools, visit the For Investors page on the MFDA website.

SOURCE Mutual Fund Dealers Association of Canada