MFDA Hearing Panel makes findings against Rafal Rosicki
TORONTO, Feb. 6, 2019 /CNW/ - The Mutual Fund Dealers Association of Canada ("MFDA") commenced a disciplinary proceeding in respect of Rafal Mark Rosicki ("Respondent") by Notice of Hearing dated March 21, 2018.
A disciplinary hearing in this proceeding was held on February 1, 2019 in Toronto, Ontario before a three-member Hearing Panel of the MFDA's Central Regional Council. After receiving evidence and hearing submissions from the parties, the Hearing Panel made the following findings of misconduct against the Respondent:
a) |
commencing on August 15, 2016, the Respondent 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 the Respondent 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. |
b) |
commencing on September 13, 2016, the Respondent 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. |
The Hearing Panel reserved its decision as to penalty and advised that it will issue its decision and written reasons in due course.
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 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]
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