MFDA announces disciplinary proceeding in respect of Stephen Talosi

Type:
Hearing Notice
Rulebook connection
MFDA Rules

Contact

September 27, 2022 (Toronto, Ontario) – The Mutual Fund Dealers Association of Canada (the “MFDA”) has commenced disciplinary proceedings in respect of Stephen Joseph Talosi (the “Respondent”). In its Notice of Hearing dated September 6, 2022 (the “Notice of Hearing”), 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: Between about February 2019 and June 2019, the Respondent sent confidential client information to a third party without ensuring that the clients had provided prior consent, contrary to the Member’s policies and procedures and MFDA Rules 2.1.3, 2.1.1, and 1.1.2 (as it relates to Rule 2.5.1).

Allegation #2: On or about April 1, 2019, the Respondent accessed the system of another MFDA Member using login credentials that were provided to him by an Approved Person registered with the other Member, and sent confidential client information from the system to a third party, without the other Member’s knowledge or consent, contrary to MFDA Rules 2.1.3 and 2.1.1.

Allegation #3: On November 28, 2019, the Respondent misled the Member during its investigation into his conduct, 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 November 4, 2022 at 10:00 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 issues. The appearance will be open to the public, except as may be required for the protection of confidential matters. Members of the public who would like to listen to the teleconference should contact [email protected] to obtain particulars.

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 Welland, 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 76,695 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.

Type:
Hearing Notice
Rulebook connection
MFDA Rules

Contact

Other Notices associated with this Enforcement Proceeding: