MFDA announces settlement hearing to take place in respect of John Lucescu
TORONTO, Jan. 30, 2019 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of John Lucescu ("Respondent") by Notice of Hearing dated November 17, 2017.
As the result of a settlement agreement entered into between Staff of the MFDA and the Respondent, the settlement hearing will take place on April 25, 2019, commencing at 10:00 a.m. (Eastern), or as soon thereafter as the matter can be heard, in the hearing room at the offices of the MFDA, 121 King Street, Suite 1000, Toronto, Ontario.
The subject matter of the proposed settlement agreement concerns matters for which the Respondent may be disciplined pursuant to ss. 20 and 24.1.1 of By-law No. 1 of the MFDA. In particular, the settlement agreement concerns allegations that the Respondent:
a) |
between April 2010 and March 2016, obtained, possessed, and used to process transactions, 42 pre-signed account forms in respect of eight clients, contrary to MFDA Rule 2.1.1; and |
b) |
during April 2010, and between June 2014 and April 2016, acting in his capacity as branch manager, reviewed and approved the use of 36 pre-signed account forms, contrary to MFDA Rules 2.5.5(f)1 and 2.1.1. |
MFDA settlement hearings are typically held in the absence of the public pursuant to section 20.5 of MFDA By-law No. 1 and Rule 15.2(2) of the MFDA Rules of Procedure. If the Hearing Panel accepts the settlement agreement, then the proceeding will become open to the public and a copy of the decision of the Hearing Panel and the settlement agreement will be made available at www.mfda.ca.
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 Niagara Region and Whitby, 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 82,000 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.
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Rule 2.5.5(f) has been re-numbered and reworded during the period of the Respondent's conduct described in this Settlement Agreement. Prior to December 2010, the Respondent's conduct was contrary to Rule 2.5.3(b). |
SOURCE Mutual Fund Dealers Association of Canada
Charles Toth, Managing Director, Litigation, 416-943-4619, [email protected]
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