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Order
File No. 201259





IN THE MATTER OF A DISCIPLINARY HEARING
PURSUANT TO SECTIONS 20 AND 24 OF BY-LAW NO. 1 OF
THE MUTUAL FUND DEALERS ASSOCIATION OF CANADA

Re: Ricardo John Cavalli



ORDER


WHEREAS on March 1, 2013, the Mutual Fund Dealers Association of Canada (the
“MFDA”) issued a Notice of Hearing pursuant to sections 20 and 24 of MFDA By-law No. 1 in
respect of a disciplinary proceeding commenced against Ricardo John Cavalli (the
“Respondent”);

AND WHEREAS the first appearance in this hearing was held before a panel of the
Prairie Regional Council of the MFDA (the “Hearing Panel”) on April 18, 2013 and thereafter
the hearing on its merits for this matter was set for October 2, 2013;

AND WHEREAS the Respondent appeared on his own behalf via teleconference;

AND WHEREAS the Hearing Panel was presented with an Agreed Statement of Facts
signed by each party to the proceeding;

AND WHEREAS the Hearing Panel accepted the Agreed Statement of Facts whereby
the Respondent admitted that, from January 2006 to July 2009, he engaged in securities related
business that was not carried on for the account of and through the facilities of his Member by
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selling, recommending, facilitating the sale, or making referrals in respect of the sale of three
different exempt securities to clients and other individuals outside the Member, contrary to
MFDA Rules 1.1.1, 2.4.2 and 2.1.1;

IT IS HEREBY ORDERED THAT:

1.
If at any time a non-party to this proceeding requests production of, or access to, any
materials filed in, or the record of, this proceeding, including all exhibits and transcripts, then the
MFDA Corporate Secretary shall not provide copies of, or access to, the requested documents to
the non-party without first redacting from them any and all intimate financial or personal
information, pursuant to Rules 1.8(2) and (5) of the MFDA Rules of Procedure;

2.
The Respondent shall be permanently prohibited from conducting securities related
business in any capacity over which the MFDA has jurisdiction, pursuant to section 24.1.1(e) of
MFDA By-law No. 1;

3.
The Respondent shall pay a fine in the amount of $300,000, pursuant to section 24.2 of
MFDA By-law No. 1; and

4.
The Respondent shall pay costs in the amount of $7,500.

DATED this 2nd day of October, 2013.

“Shelley L. Miller”
Shelley L. Miller, Q.C.,

Chair

“Patricia Kloepfer”
Patricia Kloepfer,

Industry Representative

“Marc Albert”
Marc Albert,

Industry Representative
DM 359652 v2
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