TORONTO, June 17, 2014 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") today announced that it has issued a Notice of Settlement Hearing regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA's Central Regional Council.
The settlement agreement will be between Staff of the MFDA and Peter Joseph Izzio (the "Respondent") and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws.
The proposed settlement agreement concerns allegations that the Respondent:
on or about September 27, 2012, performed two trades in the account of client JS without the knowledge, instructions or approval of client JS, thereby engaging in discretionary trading, contrary to MFDA Rules 2.3.1 and 2.1.1; and
between March 29, 2010 and March 12, 2012, used three pre-authorized chequing/automatic withdrawal forms signed by a client in blank to process trades in the client's account, contrary to MFDA Rule 2.1.1.
The Settlement Hearing, previously scheduled to take place as a hearing on the merits on July 3-4, 2014
, will instead take place on July 3, 2014
, at 10:00 a.m.
(Eastern), or as soon thereafter as the hearing can held, in the MFDA hearing room located at 121 King Street West
, Suite 1000, Toronto, Ontario
. The hearing will be open to the public, except as may be required for the protection of confidential matters.
A copy of the Notice of Settlement Hearing is available on the MFDA website at www.mfda.ca
. During the period described in the Notice of Settlement Hearing, the Respondent carried on business in Kitchener, Ontario.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 111 Members and their approximately 80,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA's complaint and enforcement processes, as well as links to 'Check an Advisor' and other Investor Tools, visit the For Investors
page on the MFDA website.
SOURCE Mutual Fund Dealers Association of Canada