Skip to Main Content

Order

Re:

Order


Order
File No. 201118





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: Youssef Hamzi



ORDER


WHEREAS on October 7, 2011, 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 Youssef Hamzi (the “Respondent”);

AND WHEREAS the hearing in this matter on its merits was held in Toronto, Ontario
before a Hearing Panel of the MFDA’s Central Regional Council on June 18, 2012;

AND WHEREAS the Respondent admitted that he engaged in the misconduct as set out
in the Notice of Hearing;

AND WHEREAS upon hearing the oral submissions of Staff of the MFDA and the
Respondent’s counsel, it is the opinion of the Hearing Panel that:

1)
Between January 2008 and October 2008, the Respondent engaged in personal
financial dealings with client AG by accepting a total of $54,000 more or less from client
Page 1 of 2

AG which the Respondent has failed to repay or otherwise account for, contrary to
MFDA Rules 2.1.4 and 2.1.1; and

2)
Commencing October 2010, the Respondent has failed or refused to provide
documents and information, and to attend an interview requested by the MFDA during
the course of an investigation, contrary to s. 22.1 of MFDA By-law No. 1.

IT IS HEREBY ORDERED THAT:

1.
The Respondent shall be permanently prohibited from conducting securities
related business while in the employ of or associated with any Member of the MFDA,
pursuant to s. 24.1.1(e) of MFDA By-law No. 1;

2.
The Respondent shall pay a fine in the amount of $75,000, pursuant to s. 24.1.1(b)
of MFDA By-law No. 1; and

3.
The Respondent shall pay costs in the amount of $10,000, pursuant to s. 24.2 of
MFDA By-law No. 1.

DATED this 11th day of July, 2012.

“John B. Webber”
The Hon. John B. Webber, Q.C.,

Chair

“David W. Kerr”
David W. Kerr,

Industry Representative

“Brian Nowak”
Brian Nowak,
Industry Representative

Doc 303147

Page 2 of 2