MFDA Hearing Panel accepts Settlement Agreement with Peter Izzio

TORONTO, July 4, 2014 /CNW/ - A Settlement Hearing in the matter of Peter Joseph Izzio (the "Respondent") was held today in Toronto, Ontario before a three-person Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA"). The Hearing Panel accepted the Settlement Agreement ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the Respondent:

  • has paid a $4,000 fine;
  • has paid costs of $2,000; and
  • shall in future comply with MFDA Rules 2.1.1 and 2.3.1.

In the Settlement Agreement, the Respondent admitted that:

i)

on or about September 27, 2012, he 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

ii)

between March 29, 2010 and March 12, 2012, he 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.

 

A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, 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

For further information: Hugh Corbett, Managing Director, Enforcement, 416-943-4685, hcorbett@mfda.ca