TORONTO, Oct. 3, 2013 /CNW/ - The Mutual Fund Dealers Association of
Canada ("MFDA") commenced a disciplinary proceeding in respect of
Ricardo John Cavalli (the "Respondent") by Notice of Hearing dated
March 1, 2013.
The hearing of this matter on its merits took place yesterday in
Edmonton, Alberta before a three-person Hearing Panel of the MFDA's
Prairie Regional Council. The parties filed an Agreed Statement of
Facts prior to the hearing in which the Respondent admitted to facts
which constitute misconduct on his part and for which he could be
penalized by a Hearing Panel pursuant to MFDA By-laws.
Following submissions from the parties, the Hearing Panel imposed the
following penalties and costs on the Respondent and advised that it
will issue written reasons for its decision in due course:
a permanent prohibition on the authority of the Respondent to conduct
securities related business in any capacity over which the MFDA has
a $300,000 fine; and
$7,500 in costs.
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 115 Members and their approximately 80,000 Approved
Persons with a mandate to protect investors and the public interest.
SOURCE: Mutual Fund Dealers Association of Canada
For further information:
Managing Director, Enforcement
Vice-President, Prairie Region