TORONTO, March 23, 2015 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Patrick Pasquale Caicco (the "Respondent"). In its Notice of Hearing dated March 6, 2015, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Between May 12, 2009 and March 12, 2010, the Respondent engaged in securities related business that was not carried on for the account and through the facilities of the Member by recommending, selling, facilitating the sale or making referrals in respect of the sale of approximately $3.35 million of investment products to at least 33 clients and other individuals outside the Member, contrary to MFDA Rules 1.1.1 and 2.1.1, and sections 13.7 and 13.8 of National Instrument 31-103.
Allegation #2: Between May 12, 2009 and March 12, 2010, the Respondent had and continued in another gainful occupation which was not disclosed to and approved by the Member by recommending, selling, facilitating the sale or making referrals in respect of the sale of approximately $3.35 million of investment products to at least 33 clients and other individuals outside the Member, contrary to MFDA Rules 1.2.1(d) and 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA's Central Regional Council on April 23, 2015 at 10:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, in order to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The first appearance 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 105 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: Hugh Corbett, Managing Director, Enforcement, 416-943-4685, firstname.lastname@example.org