February 8, 2018 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of Nicholas Del Plavignano (“Respondent”). In its Notice of Hearing dated January 8, 2018, 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: On March 29, 2016 and March 30, 2016, the Respondent processed a total of two trades without the authorization of a client, contrary to MFDA Rule 2.1.1.
Allegation #2: On April 4, 2016, the Respondent failed to use due diligence to learn the essential facts relative to a client when he completed the client’s Know-Your-Client information on an account form without having met or discussed the information with the client, contrary to MFDA Rules 2.2.1 and 2.1.1.
Allegation #3: On April 4, 2016, the Respondent failed to comply with two Member directives to contact a client to review the client’s Know-Your Client information and the suitability of investments in the client’s account, contrary to MFDA Rule 2.1.1.
Allegation #4: On April 4, 2016, the Respondent falsely represented to the Member that a client had reviewed and approved the risk tolerance for the client’s account, contrary to MFDA Rule 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 March 29, 2018 at 9:00 a.m. (Eastern), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The 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 carried on business in the Woodbridge, 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 83,000 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.