MFDA Hearing Panel approves settlement agreement with Anastasios Terzis

a)     

from 2013 to 2015, he engaged in securities related business which was not carried on for the account of the Member or conducted through its facilities by recommending, selling, facilitating the sale of, and/or making referrals in respect of exempt market investments to approximately 41 clients totaling approximately $4,748,000, contrary to the Member's policies and procedures, MFDA Rules 1.1.1, 2.1.1, 2.4.2, 2.5.1, and 1.1.2, and the requirements of sections 13.7 and 13.8 of National Instrument 31-103;

b)     

from 2013 to 2015, he engaged in outside activity which was not disclosed to and approved by the Member, by recommending, selling, facilitating the sale of, and/or making referrals in respect of the sale of exempt market investments to approximately 41 clients totaling approximately $4,748,000, contrary to the Member's policies and procedures, MFDA Rules 1.3, 2.1.1, 2.4.2, 2.5.1 and 1.1.2, and the requirements of sections 13.7 and 13.8 of National Instrument 31-103;

c)     

from 2013 to 2015, he referred clients to two individuals, as well as directly to the investment entities, to purchase investments outside the Member, and received approximately $334,880 in commissions or referral fees for doing so, thereby participating in unapproved referral arrangements to which the Member was not a party, contrary to the Member's policies and procedures, and MFDA Rules 2.1.1, 2.4.2, 2.5.1 and 1.1.2, and the requirements of sections 13.7 and 13.8 of National Instrument 31-103; and

d)    

from 2013 to March 18, 2016, when his registration was terminated, he misled the Member with respect to his knowledge of and involvement in undisclosed and unapproved outside activity, being referring clients to purchase securities outside the Member, contrary to MFDA Rule 2.1.1.