TORONTO, Oct. 3, 2016 /CNW/ - A settlement hearing in the matter of Carmine Paul Mazzotta ("Mazzotta") and David John Ireland ("Ireland) (collectively referred to as the "Respondents") was held on September 29, 2106 in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA").
The Hearing Panel accepted the settlement agreement (the "Settlement Agreement") between Staff of the MFDA and the Respondents, as a consequence of which:
- Mazzotta shall pay a fine in the amount of $10,000 within seven (7) days of the date of the acceptance of the Settlement Agreement;
- Mazzotta shall pay costs in the amount of $5,000 within seven (7) days of the date of the acceptance of the Settlement Agreement;
- Ireland shall pay a fine in the amount of $5,000 within 30 days of the date of the acceptance of the Settlement Agreement;
- Ireland shall pay costs in the amount of $5,000 within seven (7) days of the date of the acceptance of the Settlement Agreement;
- If Mazzotta or Ireland fails to make a payment specified on the date when the payment is due, then without further notice to the Respondent who is in default of their payment obligations, that Respondent shall summarily be permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any Member of the MFDA.
In the Settlement Agreement, the Respondents admitted that between December 14, 2012 and February 14, 2013, without the prior written authorization of the Member, the Respondents provided a settlement proposal to client complainant JN, contrary to MFDA Rule 2.1.4 and MFDA Policy No. 3.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondents conducted business in the Ottawa, Ontario area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 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]