TORONTO, Dec. 3, 2019 /CNW/ - A settlement hearing in the matter of Evangelos-Angelos Mantzios ("Respondent") was held on November 29, 2019 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 approved the settlement agreement dated October 7, 2019 ("Settlement Agreement") between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $5,000; and
- costs in the amount of $2,500.
In the Settlement Agreement, the Respondent admitted that between October 2016 and August 22, 2017, he implemented leveraged investments in the mutual fund accounts of at least four clients without having achieved the necessary leveraging proficiency requirements mandated by the Member, contrary to the Member's policies and procedures and MFDA Rules 2.5.1, 1.1.2 and 2.1.1.
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 81,000 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, Managing Director, Litigation, 416-943-4619, [email protected]