MFDA Order

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HomeCompleted Hearings201973 - Jose Ireneo Manalastas › Order2-201973

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: Jose Ireneo Manalastas

Order

(ARISING FROM DECISION AND REASONS DATED JUNE 19, 2020)

WHEREAS on November 22, 2019, the Mutual Fund Dealers Association of Canada (the “MFDA”) issued a Notice of Hearing pursuant to sections 20 and 24 of By-law No. 1 in respect of a disciplinary proceeding commenced against Jose Ireneo Manalastas (the “Respondent”);

AND WHEREAS on May 13, 2020, the hearing on the merits regarding misconduct and penalty was conducted via videoconference;

AND WHEREAS at the hearing on the merits regarding misconduct and penalty, the Hearing Panel considered the evidence adduced and submissions made by Staff of the Mutual Fund Dealers Association of Canada (the “MFDA”), while the Respondent did not attend or otherwise participate although duly notified by MFDA Staff of its date and method of hearing;

AND WHEREAS the Hearing Panel made the following findings of misconduct against the Respondent and issued its Decision and Reasons dated June 19, 2020:

  1. between January 2017 and November 2017, the Respondent borrowed a total of $6,000 from 2 clients, contrary to the policies and procedures of the Member and MFDA Rules 2.1.1, 2.1.4, 2.5.1 and 1.1.2; and
  2. commencing July 27, 2018, the Respondent failed to cooperate with MFDA Staff’s investigation into his conduct, contrary to section 22 of MFDA By-law No. 1;

IT IS HEREBY ORDERED THAT:

  1. The Respondent is permanently prohibited from conducting securities related business in any capacity while in the employ of or associated with any MFDA Member, pursuant to s. 24.1.1(e) of MFDA By-law No. 1;
  2. The Respondent shall pay a fine in the amount of $56,000, pursuant to s. 24.1.1(b) of MFDA By-law No. 1;
  3. The Respondent shall pay costs in the amount of $7,500, pursuant to s. 24.2 of MFDA By-law No. 1; and

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, 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.

DATED: Jun 19, 2020

"Robert P. Armstrong"

Robert P. Armstrong

Chair


"Susan Dicks"

Susan Dicks

Industry Representative


"Matthew Prew"

Matthew Prew

Industry Representative


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