TORONTO, June 19, 2013 /CNW/ - The MFDA today announced that it has
commenced disciplinary proceedings in respect of William Cormylo (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:
Allegation #1: Between October 2006 and February 2011, the Respondent engaged in
securities related business that was not carried on for the account and
through the facilities of the Member by selling, recommending,
facilitating the sale of or making referrals in respect of investment
products totaling at least $4,361,390 to at least 25 clients outside
the Member, contrary to MFDA Rules 1.1.1(a), 2.4.2(b) and 2.1.1.
Allegation #2: Between October 2006 and February 2011, the Respondent had and
continued in another gainful occupation which was not disclosed to and
approved by the Member by selling, recommending, facilitating the sale
of or making referrals in respect of investment products totaling at
least $4,361,390 to at least 25 clients outside the Member, contrary to
MFDA Rules 1.2.1(c) and 2.1.1.
The first appearance in this matter will take place by teleconference
before a Hearing Panel of the MFDA's Prairie Regional Council on July
18, 2013 at 10:30 a.m. (Mountain) in the MFDA hearing room located at
800 - 6th Avenue S.W., Suite 850, Calgary, Alberta. 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
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 116 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:
Director of Litigation
Vice-President, Prairie Region