MFDA announces disciplinary proceeding in respect of Michael Gugliemi
TORONTO, June 15, 2015 The Mutual Fund Dealers Association of Canada ("MFDA") has commenced disciplinary proceedings in respect of Michael Guglielmi (the "Respondent"). In its Notice of Hearing dated May 25, 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 October 2012 and April 17, 2013, the Respondent allowed WB, PA and WM, all unregistered individuals, to: |
|||
| a) |
open new accounts at the Member for at least 12 individuals that the Respondent never met; and |
||
| b) |
recommend and process trades in the accounts of the 12 individuals using the Respondent's representative code; |
||
| thereby facilitating stealth advising by WB, PA and WM, contrary to MFDA Rules 1.1.1(c) and 2.1.1. |
|||
| Allegation #2: Between October 2012 and April 17, 2013, the Respondent opened new accounts and processed trades for at least 12 individuals without performing the necessary due diligence to learn the essential facts relative to the clients and failing to ensure that the investments were suitable and appropriate for the clients, contrary to MFDA Rules 2.2.1 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 July 15, 2015 at 9:30 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.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent conducted business in the Vaughan, 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 102 Members and their over 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
Shaun Devlin, Senior Vice-President, Member Regulation, Enforcement, 416-943-4672, [email protected]
Share this article