A settlement hearing in the matter of Keith Kee-Peng Tan was held recently in Toronto, Ontario before a hearing panel of the MFDA’s Central Regional Council.

The panel accepted the settlement agreement between MFDA Staff, as a consequence of which Tan has:

  • been permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member; and
  • paid costs of $5,000.

In the settlement agreement, Tan admitted he received referral fees in the amount of approximately $2,800 for the sale of a security by another individual to two clients outside the member from September 2008 to March 2009, contrary to MFDA Rules 2.4.2 and 2.1.1.

The hearing panel advised it would issue written reasons for its decision in due course. Read the settlement agreement.