TORONTO, Dec. 2, 2015 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Carmine Paul Mazzotta ("Mazzotta") and David John Ireland ("Ireland) (collectively referred to as the "Respondents"). In its Notice of Hearing dated November 4, 2015, Staff of the MFDA alleges that the Respondents engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Between December 5, 2012 and March 2013, after a complaint was submitted by client JN that named them as subjects of the complaint, the Respondents engaged directly in complaint handling of the matter and without the prior written authorization of the Member, they made a settlement proposal to JN and attempted to negotiate a resolution of the complaint that contemplated the withdrawal of JN's complaint against them, contrary to MFDA Rules 2.1.1 and 2.1.4, MFDA Policy No. 3 and the policies and procedures of Sterling Mutuals Inc. and thereby also contravened MFDA Rules 2.11, 2.10 and 1.1.2.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on January 7, 2016 at 10:00 a.m. (Eastern), or as soon thereafter as the appearance can be held. The hearing will be open to the public, except as may be required for the protection of confidential matters.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 102 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, [email protected]