Subject: LAW
CIRO Hearing Panel Finds Andrew Kazina Liable
WINNIPEG, MB, Nov. 28, 2023 /CNW/ - Following a disciplinary hearing held on November 14-18, 21, 2022, January 13 and April 3, 2023, in Winnipeg, Manitoba, a hearing panel of the Mutual Fund Dealer Division of the Canadian Investment Regulatory Organization (CIRO) found that the respondent engaged in conduct contrary to the By-laws, Rules and/or Policies.
The hearing panel's reasons for the decision on liability, dated November 15, 2023, are available at:
Specifically, the hearing panel found that the respondent committed the following violations:
(a) Between February 8, 2002 and October 5, 2017, the Respondent engaged in outside business activities that were not disclosed to and approved by the Member by operating businesses that provided tax and financial planning services to individuals, and marketing, franchising and other consulting services to businesses, contrary to the policies and procedures of the Member and MFDA Rules 1.2.1(d)[1] [now 1.3.2], 2.1.1, 2.5.1, 2.10 and 1.1.2.
(b) Between January 2012 and October 5, 2017, the Respondent recommended and accepted approximately $257,500 for investment in a business that he operated from at least eight clients and at least two non-clients, thereby engaging in securities related business that was not carried on for the account of the Member or processed through the facilities of the Member, contrary to the policies and procedures of the Member and MFDA Rules 1.1.1, 2.1.1, 2.5.1, 2.10 and 1.1.2.
(c) Between January 2012 and October 5, 2017, the Respondent solicited approximately $232,500 from at least eight clients that he used to finance and operate his business and commingled the money with his personal savings in bank accounts that he held in his own name or jointly with his wife, thereby engaging in personal financial dealings with clients that gave rise to a conflict of interest that he failed to disclose to the Member or address by the exercise of responsible business judgment influenced only by the best interests of the clients, contrary to MFDA Rules 2.1.4 and 2.1.1.
(d) Between no later than 2006 and October 5, 2017, the Respondent provided false or misleading information to the Member in responses to questions on annual compliance questionnaires from the Member, contrary to MFDA Rule 2.1.1.
A separate hearing will be held to determine the penalty to be imposed on the respondent, the date of which will be made available at www.mfda.ca.
All information about disciplinary proceedings relating to current and former member firms and individual registrants is available in the Enforcement section of the IIROC website for investment dealer disciplinary proceedings and the MFDA website for mutual fund dealer disciplinary proceedings.
CIRO is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. CIRO is carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada, and is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.
SOURCE Canadian Investment Regulatory Organization (CIRO)
These press releases may also interest you
|
News published on and distributed by:
