MFDA Hearing Panel accepts settlement agreement with Paul J. Poggione
June 27, 2017 (Toronto, Ontario) – A settlement hearing in the matter of Paul J. Poggione (“Respondent”) was held on June 26, 2017 in Toronto, Ontario before a three-member Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”).
The Hearing Panel accepted the settlement agreement (“Settlement Agreement”) between Staff of the MFDA and the Respondent, as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $5,000; and
- shall successfully complete the Branch Manager’s Course prior to accepting the designation of branch manager or acting in the capacity of a branch manager or any other supervisory role for a Member of the MFDA in the future.
In the Settlement Agreement, the Respondent admitted that he failed to exercise due diligence to ensure that client signatures on forms, which the Respondent was asked by another Approved Person to signature guarantee, were authentic signatures of the clients prior to providing signature guarantees on certain documents and thereby failed to deal fairly, honestly and in good faith with clients or observe high standards of ethics and conduct in the transaction of business and engaged in conduct detrimental to the public interest, contrary to MFDA Rule 2.1.1 and the policies and procedures of the Member.
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent conducted business in and around the greater Ottawa area.
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 83,000 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.
DM 558959 v1