TORONTO, Sept. 14, 2012 /CNW/ - The MFDA today announced that it has commenced disciplinary proceedings in respect of Luigi Francesco Ciardullo (the "Respondent"). MFDA Staff alleges in its Notice of Hearing that the Respondent engaged in the following conduct contrary the By-laws, Rules or Policies of the MFDA:
Allegation #1: Between March 2006 and November 26, 2010, the Respondent engaged in
personal financial dealings with clients by accepting a total of at least $385,609 from at least
15 clients, at least $350,209 of which the Respondent has failed to repay or otherwise
account for, contrary to MFDA Rules 2.1.4 and 2.1.1.
Allegation #2: On April 2, 2009, the Respondent made false statements to MFDA Staff
during the course of an investigation when he stated that he had only engaged in personal
financial dealings with one client when he knew that to be an incorrect response, thereby:
|(a)||failing to comply with his obligations under s. 22.2 of MFDA By-law # 1; and|
failing to observe high standards of ethics and conduct in the
transaction of business,
contrary to MFDA Rule 2.1.1.
Allegation #3: Commencing April 19, 2011, the Respondent has failed or refused to
documents and information and to attend an interview requested by MFDA Staff during the
course of an investigation, contrary to s. 22.1 of MFDA By-law # 1.
The first appearance in this matter will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on October 30, 2012 at 11:00 a.m. (Eastern) in the hearing room located at the MFDA offices, 121 King Street West, Suite 1000, Toronto, Ontario. The purpose of the appearance is to set a date for the hearing of this matter on its merits and to address any other procedural matters and will be open to the public, except as may be required for the protection of confidential matters.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 120 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.
SOURCE Mutual Fund Dealers Association of Canada