The only news we get these days... David Baines of the Vancouver Sun has published an article that concerning the verdict on the investigation of Jessica Chiang, a former employee of MPE. Hopefully this is the final chapter with any reference to MPE.
Here is the relevant excerpt of the article:
"The insurance council has decided that Hsi Chun (Jessica) Chiang can keep her licence even though she was banned as a mutual fund salesperson for 10 years.
Chiang has been licensed as an insurance agent since 1997 and operates her own firm, Moneydoctor Investments Co. Ltd. She was also licensed as a mutual fund salesperson with Portfolio Strategies Corp. in Vancouver.
In February 2009, Portfolio fired her for undisclosed moonlighting activities. The Mutual Fund Dealers Association of Canada launched an investigation and in January this year, she settled the matter.
Chiang admitted that while working for Maple Leaf Reforestation Inc., listed on the TSX Venture Exchange, and Future Canada China Environment Inc., listed on the OTC Bulletin Board in the United States, she had recommended their shares to at least 15 clients, which placed her in a conflict of interest with her clients.
She also admitted she had conducted these dealings outside the firm, without its knowledge, and was not permitted to conduct this sort of business under the terms of her registration as a mutual fund salesperson.
In addition to a 10-year suspension, she agreed to pay a $45,000 fine and $5,000 in costs.
One might conclude this would preclude her from further participation in the financial services industry, but the insurance council felt there were some mitigating factors.
Among other things, there was no indication insurance money was involved in the BCSC matter and her competency as an insurance agent was not at issue.
Nevertheless, council put her on a short leash: she is prohibited from selling any non-insurance financial products; she must place all her insurance business through her managing general agent; and she must notify council before engaging in any outside business activities."