The Ontario Securities Commission has upheld a decision of its staff, denying registration to a mutual fund salesman who was dismissed for cause.

Leng Wilson Ng had been registered as a mutual fund salesperson since 1992, and had been with FundEx since 1998. FundEx dismissed Ng for cause on July 31, 2002, after pre-signed order entry tickets were found in his office files.

Ng sought to transfer his registration to Portfolio Strategies Corp. (PSC). On Sept. 5, 2002, PSC. submitted Ng’s application to transfer his registration.

In a letter sent in January 2003, OSC staff advised Ng that they recommended the director deny his application based on grounds that he was not suitable for registration. The recommendation was based on his dismissal, as well as complaints arising from his clients at FundEx

Ng then requested the opportunity to be heard by the director. He argued that there were relatively few complaints against him, when the whole of his business is considered and that the complaints related to bad timing. He also noted there was no clear evidence that he engaged in discretionary trading or that he did not deal with his clients fairly.

In a brief decision, the director ruled, “I have reviewed and considered all written submissions provided to me and based on that material, I find the Applicant unsuitable to be granted registration as a Mutual Fund Salesperson.”