MFDA Hearing Panel announces sanctions against Rafal Rosicki and issues Reasons for Decision

TORONTO, June 25, 2019 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Reasons for Decision dated June 25, 2019 ("Reasons for Decision") in connection with a disciplinary hearing held in Toronto, Ontario on February 1, 2019 in the matter of Rafal Rosicki ("Respondent").

As previously announced, the Hearing Panel made the following findings of misconduct against the Respondent:

a)

commencing on August 15, 2016, he obtained a loan in the amount of $40,000 from client RS for his personal use, thereby engaging in personal financial dealings with a client that gave rise to a conflict of interest that he failed to address through the exercise of responsible business judgment influenced only by the best interests of the client, contrary to MFDA Rules 2.1.4 and 2.1.1 and the policies and procedures of the Member; and

b)

commencing on September 13, 2016, he made false or misleading statements about his conduct in response to questioning from one or more of staff from the Member, staff of the Ontario Securities Commission and Staff of the MFDA, contrary to MFDA Rule 2.1.1.

At the hearing on February 1, 2019, the parties made submissions with respect to penalty and the Hearing Panel reserved its decision. In its Reasons for Decision, the Hearing Panel has imposed the following sanctions on the Respondent:

• a permanent prohibition from conducting securities related business in any capacity while in the employ of, or in association with, any MFDA Member;
• a fine in the amount of $25,000; and
• costs in the amount of $7,000.

A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent conducted business in the Toronto, 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 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

Charles Toth, Managing Director, Litigation, 416-943-4619, [email protected]

Related Links

www.mfda.ca