A panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (MFDA) has permanently banned an advisor from working with any of its members and has levied a fine of $50,000 after the advisor engaged in outside business activities.
The panel found that My Phuong "Vicky" Luong Dao had been engaged in an outside business activity since March 2010 contrary to the policies and procedures of the MFDA.
Specifically she engaged in personal financial dealings with a client by buying two condominium units with the client and accepted three cheques from the client totalling $95,000 that were deposited into Dao’s personal bank account.
In addition, the panel found she submitted five Annual Representative Compliance Certification questionnaires to her firm that contained false or misleading responses, interfered with the ability of the firm to supervise her activities, failed to observe high standards of ethics and conduct in the transaction of business, and engaged in conduct that is unbecoming and detrimental to the public interest.
