Former rep fined, banned for misappropriated client money [Advisor.ca (Canada)]
Royal Bank Of Canada (RY)
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Source: Advisor.ca
123RFA former fund rep has been fined and banned by a regulatory hearing panel, which found that he misappropriated client money and failed to cooperate with an investigation.A hearing panel of the Mutual Fund Dealers Association of Canada (MFDA) ordered that Hon Ting (Patrick) Yung, a former rep with Royal Mutual Funds Inc. in Ottawa, must pay a fine of $300,000 along with $10,000 in costs, and is permanently banned.The sanctions were handed down following a hearing that upheld the self-regulatory organization’s allegations against him.Specifically, it alleged that, between October 2017 and October 2019, Yung misappropriated at least $309,956 from both clients and others “by processing early redemptions of [GICs] or by obtaining access to their bank accounts and making withdrawals, without their knowledge or authorization.”It also alleged that Yung misappropriated money from clients after promising to invest in securities on their behalf through an offshore brokerage.The MFDA alleged
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