MFDA announces disciplinary proceeding in respect of Rafal Rosicki
April 17, 2018 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of Rafal Mark Rosicki (“Respondent”). In its Notice of Hearing dated March 21, 2018, Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
Allegation #1: Commencing on August 15, 2016, the Respondent obtained a loan in the amount of $40,000 from client RS for his personal use which he did not repay or otherwise account for, thereby engaging in personal financial dealings with a client that gave rise to a conflict of interest that the Respondent failed to address through the exercise of responsible business judgment influenced only by the best interests of the client, contrary to MFDA Rules 2.1.4 and 2.1.1 and the policies and procedures of the Member.
Allegation #2: Commencing on September 13, 2016, the Respondent made false or misleading statements about his conduct in response to questioning from staff from the Member, staff of the Ontario Securities Commission and staff of the MFDA, contrary to MFDA Rule 2.1.1.
The first appearance in this proceeding will take place by teleconference before a Hearing Panel of the MFDA’s Central Regional Council on May 16, 2018 at 9:30 a.m. (Eastern), or as soon thereafter as the appearance can be held, to schedule a date for the commencement of the hearing on the merits and to address any other procedural matters. The appearance will be open to the public, except as may be required for the protection of confidential matters.
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 Toronto, Ontario.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 82,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA’s complaint and enforcement processes, as well as links to ‘Check an Advisor’ and other Investor Tools, visit the For Investors page on the MFDA website.