June 6, 2023 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada, now New Self-Regulatory Organization of Canada (“New SRO”), commenced a disciplinary proceeding in respect of Antonio Luciano (the “Respondent”) by Notice of Hearing dated December 6, 2022 (the “Notice of Hearing”).
A disciplinary hearing in this matter was held electronically by videoconference on May 19, 2023 before a three-member Hearing Panel of the New SRO’s Ontario District Hearing Committee. After receiving evidence and hearing submissions from Staff of the New SRO with respect to misconduct, the Hearing Panel made the following findings against the Respondent:
- between June 2020 and December 2020, he cut and pasted client signatures from copies of account forms onto 8 new account forms previously signed by 4 clients, and submitted some of the account forms to the Member for processing, contrary to MFDA Rule 2.1.1.
- between June 2020 and November 2020, he altered and used to process transactions, 2 account forms in respect of 2 clients by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1.
- in December 2020, he obtained, possessed, and used to process transactions, 3 pre-signed account forms in respect of 2 clients, contrary to MFDA Rule 2.1.1.
Following submissions from Staff of the New SRO with respect to penalty, the Hearing Panel imposed the following sanctions on the Respondent and advised that it will issue written reasons in due course:
- a prohibition from conducting securities related business in any capacity while in the employ of, or in association with, any New SRO Member for a period of one year, commencing May 19, 2023;
- a fine in the amount of $25,000; and
- costs in the amount of $7,500.
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 conducted business in the Richmond Hill, 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.