A CIRO Hearing Panel issues their reasons in the Antonio Luciano matter

TORONTO, Dec. 15, 2023 /CNW/ - Following a disciplinary hearing held on May 19, 2023, in Toronto, Ontario, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules found that Antonio Luciano contravened Mutal Fund Dealer Rule 2.1.1.

The hearing panel's decision dated December 6, is available at:

Re Luciano, Antonio, 2023 CIRO 35

Specifically, the hearing panel confirmed that the respondent committed the following violations:

     a) between June 2020 and December 2020, he cut and pasted client signatures from copies of account forms onto 8 new account forms previously signed by 4 clients, and submitted some of the account forms to the Member for processing;

     b) between June 2020 and November 2020, he altered and used to process transactions, 2 account forms in respect of 2 clients by altering information on the account forms without having the client initial the alterations; and

     c) in December 2020, he obtained, possessed, and used to process transactions, 3 pre-signed account forms in respect of 2 clients.

The hearing panel imposed the following sanctions on the respondent:

     a) a prohibition from conducting securities related business in any capacity while in the employ of, or in association with, any CIRO Member for a period of one year, commencing May 19, 2023; and

     b) a fine in the amount of $25,000.

Antonio Luciano is also required to pay costs in the amount of $7,500.

During the period described in the Notice of Hearing, the Respondent conducted business in the Richmond Hill, Ontario area.

All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website. 

Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.

CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.

SOURCE Canadian Investment Regulatory Organization (CIRO)