June 2, 2023 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”), now New Self-Regulatory Organization of Canada (“New SRO”), commenced a disciplinary proceeding in respect of Leszek Dziadecki (the “Respondent”) by Notice of Hearing dated August 3, 2022 (“Notice of Hearing”).
The continuation of the hearing of this matter on its merits was held electronically by videoconference on May 16, 2023, before a three-member Hearing Panel of the New SRO’s Ontario District Hearing Committee. After receiving evidence and hearing submissions from the parties with respect to misconduct, the Hearing Panel found that the two allegations set out in the Notice of Hearing had been established. In particular, the Hearing Panel made the following findings of misconduct:
Allegation #1: Between 2015 and 2016, the Respondent engaged in securities related business that was not carried on for the account of the Member or conducted through its facilities by recommending, selling, or facilitating the sale of syndicated mortgage investments to clients and other individuals, contrary to the Member’s policies and procedures and MFDA Rules 1.1.1, 2.1.1, and 1.1.2 (as it relates to MFDA Rule 2.5.1).
Allegation #2: Between 2015 and 2017, the Respondent engaged in unapproved outside business activities in relation to syndicated mortgage investments, contrary to the Member’s policies and procedures and MFDA Rules 1.2.1(c) (now MFDA Rule 1.3), 2.1.1, and 1.1.2 (as it relates to MFDA Rule 2.5.1).
The Hearing Panel advised that it will issue written reasons for its decision as to misconduct in due course. Submissions with respect to sanctions will take place by electronic hearing before the Hearing Panel on a date to be determined and announced accordingly.
A copy of the Notice of Hearing is available on the MFDA website at www.mfda.ca. During the period described in the Notice of Hearing, the Respondent carried on business in the Mississauga, Ontario area.
New Self-Regulatory Organization of Canada is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. New SRO is carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada, and is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.newselfregulatoryorganizationofcanada.ca.