WHEREAS on October 7, 2019, the Mutual Fund Dealers Association of Canada (the “MFDA”) issued a Notice of Settlement Hearing pursuant to section 24.4 of By-law No. 1 in respect of Evangelos-Angelos Mantzios (the “Respondent”);
AND WHEREAS the Respondent entered into a settlement agreement with Staff of the MFDA, dated October 7, 2019 (the “Settlement Agreement”), in which the Respondent agreed to a proposed settlement of matters for which the Respondent could be disciplined pursuant to ss. 20 and 24.1 of By-law No. 1;
AND WHEREAS the Hearing Panel is of the opinion that between October 2016 and August 22, 2017, the Respondent implemented leveraged investments in the mutual fund accounts of at least 4 clients without having achieved the necessary leveraging proficiency requirements mandated by the Member, thereby breaching the Member’s policies and procedures, contrary to MFDA Rules 2.5.1, 1.1.2 and 2.1.1.
IT IS HEREBY ORDERED THAT the Settlement Agreement is accepted, as a consequence of which:
- The Respondent shall pay a fine in the amount of $5,000, pursuant to section 24.1.1(b) of MFDA By-law No. 1; and
- The Respondent shall pay costs of this proceeding in the amount of $2,500, pursuant to section 24.2 of MFDA By-law No. 1.
Thomas J. LockwoodThomas J. LockwoodChair
Rob ChristiansonRob ChristiansonIndustry Representative
Melody PotterMelody PotterIndustry Representative