CALGARY, AB, Jan. 30, 2024 /CNW/ - Following a hearing held on August 30-31, 2023, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules found that the three allegations set out in the Notice of Hearing had been established. In particular, the hearing panel found that Dejan Ristovski:
a) misappropriated or otherwise failed to account for monies;
b) engaged in personal financial dealings with a client which gave rise to a conflict or potential conflict of interest that he failed to disclose to the Dealer Member or otherwise ensure was addressed by the exercise of responsible business judgment influenced only by the best interests of the client; and
c) failed to cooperate with an investigation by MFDA Staff into his conduct.
The hearing panel imposed the following sanctions on Dejan Ristovski:
a) a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any Dealer Member of CIRO registered as a mutual fund dealer; and
b) a fine of $100,000
Dejan Ristovski is also required to pay costs in the amount of $11,000.
The decision can be found at:
During the period described in the Notice of Hearing, Dejan Ristovski conducted business in Calgary, Alberta area.
All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website.
Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.
CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.
SOURCE Canadian Investment Regulatory Organization (CIRO)
Joanna Nicholson, Manager, Public Affairs, [email protected]
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