The Mutual Fund Dealers Association of Canada (MFDA) has accepted a settlement agreement between MFDA staff and Khoa Anh Nguyen, a Fort McMurray, Alberta based dealing representative with Royal Mutual Funds Inc. and Raymond James Ltd.
Registered since February 2008, Nguyen worked for Royal Mutual Funds from September 2008 until December 2018. In the settlement agreement between Nguyen and the MFDA, Nguyen admits that he photocopied signature pages from account forms that had previously been signed by clients and reused the signature pages to complete 21 additional forms for four different clients between January 2017 and August 2018. He also agrees that between January 2017 and June 2018 he obtained and possessed 10 pre-signed account forms for three different clients.
Royal Mutual Funds identified the forms during a review of Nguyen’s client files in December 2018. An investigation to determine whether all transactions were authorized by clients determined that there was no evidence of any client loss or that the transactions were unauthorized. Beginning in June 2019, Nguyen became registered in Alberta as a dealing representative with Raymond James.
Under the terms of the settlement agreement, Nguyen agrees to pay a fine in the amount of $25,000 and MFDA’s costs in the amount of $2,500.
