Enforcement Notice - Hearing 22-0129 - IIROC to Receive Written Penalty Submissions Regarding Neil DiCostanzo

·2 min read

TORONTO, Aug. 9, 2022 /CNW/ - A  Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) will receive written penalty submissions in the matter of Neil DiCostanzo. Submissions of the parties will be filed on or before August 22, 2022.

The Hearing Panel will consider the penalty to be imposed as a result of its decision dated May 18, 2022, which found that Mr. DiCostanzo acted contrary to Dealer Member Rule 18.14. Mr. DiCostanzo was found to have engaged in outside business activities without the approval of his Dealer Member by arranging investments in two companies for various clients, off-the-books and records of his Dealer Member.

Hearing Date:  The hearing will be held in writing as agreed to by the Hearing Panel, IIROC Staff and Mr. DiCostanzo.  Interested members of the public should contact IIROC's National Hearing Officer at NHO@iiroc.ca to obtain further details.

The Hearing Panel's liability decision is available at:

(Re) DiCostanzo, 2022 IIROC 10

The decision of the Hearing Panel will be made available at www.iiroc.ca.

IIROC formally initiated the investigation into Mr. DiCostanzo's conduct in May 2018. The violation occurred while he was a Registered Representative with the Toronto branch of Foster & Associates Financial Services Inc., an IIROC-regulated firm. Mr. DiCostanzo is no longer a registrant with an IIROC-regulated firm.

All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website.

Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.

IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of 174 Canadian investment dealer firms of varying sizes and business models, and their more than 31,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces. For more information, visit www.iiroc.ca.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News


View original content: http://www.newswire.ca/en/releases/archive/August2022/09/c2518.html