MFDA accepts settlement with Victor Lee

A settlement hearing in the matter of Victor Raymond Fook Seng Lee (the “respondent”), the former president, chief executive officer and chief compliance officer of Laurier Capital Planning Inc., was held today in Calgary, Alberta before a hearing panel of the MFDA’s Prairie Regional Council.

The hearing panel accepted the settlement agreement between MFDA staff and the respondent, as a consequence of which:

• The respondent was prohibited for three (3) years from acting (a) as a partner, director or officer of an MFDA member; and (b) in the capacity of ultimate designated person, chief compliance officer, compliance officer or branch manager, while in the employ of, or associated with, an MFDA member;
• If the respondent seeks to become registered as a Partner, Director or Officer of an MFDA member, then the respondent shall successfully complete the IFSE (IFIC) Officers, Partners & Directors course (or other course acceptable to the MFDA) prior to becoming so registered;
• If the respondent seeks to become registered in the capacity of ultimate designated person, chief compliance officer, compliance officer or branch manager, while in the employ of, or associated with, an MFDA member, then the respondent shall successfully complete the IFSE (IFIC) Branch Managers’ Examination Course or the IFSE (IFIC) Mutual Fund Dealer Compliance (or other course acceptable to the MFDA) prior to becoming so registered;
• If the respondent seeks to become registered as an approved person in the employ of, or associated with, an MFDA member, then the respondent shall successfully complete the IFSE (IFIC) Canadian Investment Funds course prior to becoming so registered;
• The respondent has paid a fine in the amount of $5,000; and
• The respondent has paid costs in the amount of $2,500.

In the settlement agreement, the respondent admitted that from January 24, 2008 to May 15, 2008, in his capacity as president, chief executive officer and chief compliance officer of Laurier Capital Planning Inc., he engaged in business conduct or practice that was unbecoming or detrimental to the public interest by failing to ensure that Laurier maintained a compliance program that identified and addressed material risks of non-compliance and that appropriate supervision and compliance procedures to manage those risks had been implemented, contrary to MFDA Rules 2.1.1(c) and 2.5.1 and MFDA Policy 2.

The hearing panel advised that it will issue written reasons for its decision in due course. A copy of the Settlement Agreement is available here.

Staff

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