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October 26, 2023 (Toronto, Ontario) – The Canadian Investment Regulatory Organization (“CIRO”) has commenced disciplinary proceedings in respect of Carren Kwok Wah Au (the “Respondent”). In its Notice of Hearing dated September 18, 2023 (the “Notice of Hearing”), Staff of CIRO alleges that the Respondent engaged in the following violations of the Mutual Fund Dealer Rules:
Allegation #1: Between 2009 and 2021, the Respondent misappropriated or failed to account for monies that the Respondent obtained from clients and other individuals, contrary to Mutual Fund Dealer Rule 2.1.1 (formerly MFDA Rule 2.1.1).
Allegation #2: Beginning November 2022, the Respondent failed to cooperate with an investigation into the Respondent’s conduct by MFDA Staff, contrary to Mutual Fund Dealer Rule 6.2.1 (formerly section 22.1 of MFDA By-law No. 1).
On consent of the parties, the first appearance in this proceeding, initially scheduled for November 21, 2023 at 10:00 a.m. (Eastern) is adjourned to take place by videoconference before a Hearing Panel of CIRO’s Ontario District Hearing Committee on November 23, 2023 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 issues. 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 attend the videoconference should contact [email protected] to obtain particulars.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in the Toronto, Ontario area.
The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.
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