Enforcement Notice - Decision - IIROC Hearing Panel Finds Neil DiCostanzo Liable

TORONTO, May 31, 2022 /CNW/ - Following a disciplinary hearing held August 16-20 and November 1-2, 2021, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that Neil DiCostanzo engaged in outside business activities without the approval of his Dealer Member.  

The Hearing Panel's reasons for the decision on liability, dated May 18, 2022, is available at:

Re DiCostanzo, 2022 IIROC 10

Specifically, the Hearing Panel found that Mr. DiCostanzo committed the following violation:

1. Between December 2016 and March 2018, Mr. DiCostanzo engaged in outside business activities without the approval of his Dealer Member by arranging investments in two companies for various clients, off-the-books and records of his Dealer Member, contrary to Dealer Member Rule 18.14.

A separate hearing will be held to determine the penalty to be imposed on Mr. DiCostanzo, the date of which will be made available at www.iiroc.ca. 

IIROC formally initiated the investigation into Mr. DiCostanzo's conduct in May 2018. The violation occurred while he was a Registered Representative with the Toronto branch of Foster & Associates Financial Services Inc., an IIROC-regulated firm. Mr. DiCostanzo is no longer a registrant with an IIROC-regulated firm.

All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website.

Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.

IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of 174 Canadian investment dealer firms of varying sizes and business models, and their more than 31,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces. For more information, visit www.iiroc.ca.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News

Enforcement Contact: Andrew P. Werbowski, Director, Enforcement Litigation, 416-943-5789, [email protected]; Media Contact: Julia Mackenzie, Public Affairs Specialist, 416-786-1650, [email protected]