CIRO Hearing Panel accepts settlement agreement with Mei-Hui Bobb

VANCOUVER, BC, Dec. 28, 2023 /CNW/ -A settlement hearing in the matter of Mei-Hui Bobb was held electronically by videoconference on December 12, 2023, in Vancouver, British Columbia before a three-member hearing panel of the Pacific District Hearing Committee of the Canadian Investment Regulatory Organization ("CIRO").

The hearing panel accepted the settlement agreement dated August 15, 2023 (the "Settlement Agreement"), between Staff of CIRO and Mei-Hui Bobb as a consequence of which the following sanctions were imposed on Mei-Hui Bobb:

• a suspension from conducting securities related business in any capacity while in the employ of or associated with any Dealer Member of CIRO registered as a mutual fund dealer for a period of two months commencing on the third business day after the acceptance of this Settlement Agreement, pursuant to Mutual Fund Dealer Rule 7.4.1.1(c);
• a fine in the amount of $28,000; and
• costs in the amount of $5,000.

In the Settlement Agreement, Mei-Hui Bobb admits to the following violations of the Mutual Fund Dealer Rules:¹

(a)                Between November 2020 and April 2021, the Respondent photocopied signature pages from account forms that had previously been signed by clients and re-used the signature pages to complete seven additional account forms in respect of five clients, contrary to Mutual Fund Dealer Rule 2.1.1 (formerly MFDA Rule 2.1.1);

(b)               Between May 2019 and March 2021, the Respondent altered and used to process transactions 18 account forms in respect of 15 clients by altering information on the account forms without having the client initial the alterations, contrary to Mutual Fund Dealer Rule 2.1.1 (formerly MFDA Rule 2.1.1); and

(c)                Between November 2020 and September 2021, the Respondent obtained, possessed and used to process transactions, 17 pre-signed account forms in respect of six clients, contrary to Mutual Fund Dealer Rule 2.1.1 (formerly MFDA Rule 2.1.1).

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca.

During the period described in the Settlement Agreement, the Respondent carried on business in the Surrey, British Columbia area.

All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website. 

Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated Investment firms is available free of charge through the AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.

CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

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 carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada, and 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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SOURCE Canadian Investment Regulatory Organization (CIRO)