TORONTO, Oct. 31, 2013 /CNW/ - The MFDA today announced that it has issued a Notice of Settlement
Hearing regarding the presentation, review and consideration of a
proposed settlement agreement by a Hearing Panel of the MFDA's Central
The settlement agreement will be between Staff of the MFDA and PDQ
Financial Services Inc. ("PDQ") and Cesidio Negri ("Negri")
(collectively, the "Respondents") and involves matters for which the
Respondents may be disciplined by a Hearing Panel pursuant to MFDA
The proposed settlement agreement concerns allegations that:
(a) Between August 2007 and August 2012, while PDQ was designated in
early warning, PDQ and Negri frequently contravened the early warning
requirements set out in MFDA Rule 3.4.2;
(b) Between March 2011 and July 2012, Negri made withdrawals from
PDQ to pay personal expenses in excess of the amounts approved by MFDA
Staff, contrary to MFDA Rules 3.4.2(b)(iv)(C) and 3.4.2(c) and MFDA
Rule 2.1.1; and
(c) Between 2010 and 2012, while in the course of attempting to sell
investments in PDQ, PDQ and Negri circulated a sales communication to
prospective investors in PDQ that inaccurately stated or implied that
the MFDA and other regulators had endorsed PDQ's business model or
plan, products, suitability process or other feature of its operations,
products or services, contrary to MFDA Rules 2.7.2 and 2.1.1.
The Settlement Hearing is scheduled to take place on November 7, 2013 at
10:00 a.m. (Eastern), or as soon thereafter as the hearing can be held,
in the MFDA hearing room located at 121 King Street West, Suite 1000,
Toronto, Ontario. The hearing will be open to the public, except as may
be required for the protection of confidential matters.
A copy of the Notice of Settlement Hearing is available on the MFDA website at www.mfda.ca. During the periods described in the Notice of Settlement Hearing, the
Respondents carried on business in the Greater Toronto Area.
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.
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:
Managing Director, Enforcement