MFDA Hearing Panel approves two settlement agreements

TORONTO, Oct. 3, 2016 /CNW/ - On September 29, 2016, a three-person Hearing Panel (the "Hearing Panel") of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") heard the following two (2) separate settlement proceedings, the particulars of which are:

Luke Dritsoulas

A settlement hearing in the matter of Luke Dritsoulas ("Dritsoulas") was held on September 29, 2016, at which the Hearing Panel approved the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and Dritsoulas, as a consequence of which Dritsoulas:

  • has been prohibited from conducting securities related business in any capacity while in the employ of or associated with any Member of the MFDA for a period of six (6) weeks, pursuant to section 24.1.1(e) of MFDA By-law No. 1;  
  • has paid costs in the amount of $1,000; and  
  • shall in the future comply with MFDA Rules 1.1.2, 2.5.1 and 2.1.1.

 

In the Settlement Agreement, Dritsoulas admitted that between February 21, 2013 and September 19, 2014, he obtained and used 17 account forms to process 11 authorized transactions in respect of two (2) clients, which account forms he ought to have known contained falsified client signatures, 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 the Tillsonburg, Ontario area.

Paul Orfali

A settlement hearing in the matter of Paul Orfali ("Orfali") was held on September 29, 2016, at which the Hearing Panel approved the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and Orfali, as a consequence of which Orfali:

  • has paid a fine in the amount of $2,500;
  • has paid costs in the amount of $2,500;
  • has been prohibited from conducting securities related business in any capacity while in the employ of or associated with any Member of the MFDA for a period of two (2) months pursuant to s.24.1.1(e) of MFDA By-law No.1; and
  • shall in future comply with MFDA Rule 2.1.1.

 

In the Settlement Agreement, Orfali admitted that between October 2012 and July 2013, Orfali's assistant, for whom he was responsible, altered and used to process transactions, three (3) account forms in respect of one (1) client; and, Orfali, or his assistant, obtained, possessed, and in some instances, used to process transactions, 11 pre-signed account forms in respect of two (2) clients.

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 conducted business in the Gloucester, Ontario area.

The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 83,000 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: Charles Toth, Director, Litigation, 416-943-4619, ctoth@mfda.ca

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