Order

WHEREAS on November 7, 2016, 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 Alfredo Pino also known as Alfie Pino (the “Respondent”);

AND WHEREAS on January 12, 2017, the first appearance in this proceeding was held as scheduled before the Chair of a hearing panel of the Central Regional Council of the MFDA (the “Hearing Panel”);

AND WHEREAS on February 23, 2017, the Hearing Panel ordered, among other things, that the hearing of this matter on its merits (the “Hearing”) shall take place on June 19 and 20, 2017, inclusive, or as soon thereafter as the matter can be heard;

AND WHEREAS on March 31, 2017, the Hearing was rescheduled to July 24 and 25, 2017, inclusive, or as soon thereafter as the matter can be heard;

AND WHEREAS on July 21, 2017, the Hearing was adjourned at the request of the Respondent;

AND WHEREAS on September 27, 2017, the Hearing was rescheduled to December 4 to 6, 2017, inclusive;

AND WHEREAS on October 27, 2017, the Respondent brought a motion seeking an adjournment of the Hearing;

AND WHEREAS on October 27, 2017, the Hearing was rescheduled to April 10 to 12, 2018, inclusive;

AND WHEREAS on April 3, 2018, the Respondent brought a motion seeking an adjournment of the Hearing;

AND WHEREAS on April 3, 2018, the Hearing was rescheduled to October 22 to 24, 2018, inclusive;

AND WHEREAS on October 22, 2018, the Respondent brought a motion seeking an adjournment of the Hearing;

AND WHEREAS on October 22, 2018, the Respondent’s motion seeking an adjournment of the Hearing was denied;

AND WHEREAS on October 22 and 23, 2018, following the Respondent’s motion to adjourn, the Hearing proceeded as scheduled before the Hearing Panel in Toronto, Ontario;

AND WHEREAS at the Hearing, the Hearing Panel considered the evidence and submissions presented by counsel for MFDA Staff and the Respondent;

AND WHEREAS on November 26, 2018, the Hearing Panel found that the Respondent had engaged in the following misconduct:

1. Allegation #1: From October 2012 to May 2013, the Respondent misappropriated approximately $276,896.19 from client BC, and failed to repay or otherwise account for $263.786.37 of those monies, thereby failing to deal fairly, honestly and in good faith with client BC, contrary to MFDA Rule 2.1.1;
2. Allegation #2: Commencing in September 2011, the Respondent engaged in outside business activities with respect to three companies that were not disclosed to or approved by the Member, contrary to MFDA Rules 1.2.1(c) (now MFDA Rule 1.3) and 2.1.1; and
3. Allegation #3: Commencing in February 2015, the Respondent failed to cooperate with an investigation conducted by Staff of the MFDA, contrary to section 22.1 of MFDA By-law No. 1 and MFDA Rule1.1.

AND WHEREAS on December 11, 2018, the Hearing Panel considered the evidence and submissions presented by counsel for MFDA Staff and the Respondent with respect to penalty;

IT IS HEREBY ORDERED THAT:

1. 1. The Respondent is permanently prohibited from conducting securities related business in any capacity while in the employ of, or in association 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 $400,000, pursuant to s. 24.1.1(b) of MFDA By-law No. 1;
   3. The Respondent shall pay costs in the amount of $25,000, pursuant to s. 24.2 of MFDA By-law No. 1; and
   4. If at any time a non-party to this proceeding, with the exception of the bodies set out in section 23 of MFDA By-law No. 1, requests production of or access to exhibits in this proceeding that contain personal information as defined by the MFDA Privacy Policy, then the MFDA Corporate Secretary shall not provide copies of or access to the requested exhibits to the non-party without first redacting from them any and all personal information, pursuant to Rules 1.8(2) and (5) of the MFDA Rules of Procedure.