MFDA Hearing Panel approves settlement agreement with Fabio Ventolini
February 21, 2018 (Toronto, Ontario) – A settlement hearing in the matter of Fabio Nicola Ventolini (“Respondent”) was held today 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 approved the settlement agreement dated November 21, 2017 (“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 $7,500;
- costs in the amount of $2,500; and
- in the future shall comply with MFDA Rules 2.1.1 and 2.1.4.
In the Settlement Agreement, the Respondent admitted that between July 2013 and July 2015, he directly or indirectly through a company he controlled, solicited and accepted remuneration or service fees outside the Member from at least four clients for Member business for which he would also receive remuneration from the Member for the same activities, contrary to MFDA Rule 2.1.4 and the standard of conduct prescribed in MFDA Rule 2.1.1.
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 carried on business in the Toronto, Ontario 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.