| By PR Newswire |
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| September 14, 2012 05:27 PM EDT |
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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:
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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.
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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:
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(a)
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failing to comply with his obligations under s. 22.2 of MFDA By-law #
1; and
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(b)
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failing to observe high standards of ethics and conduct in the
transaction of business,
contrary to MFDA Rule 2.1.1.
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Allegation #3: Commencing April 19, 2011, the Respondent has failed or refused to
provide
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.
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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.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca.
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
