Vancouver (British Columbia), September 5, 2023 – Following a settlement hearing held on June 20, 2023 in Vancouver, British Columbia, a hearing panel of the Investment Dealer Division of the Canadian Investment Regulatory Organization (CIRO) found that Francesco Mauro failed to use due diligence to ensure that his investment recommendations were suitable for his client.
The hearing panel’s reasons for decision, dated August 2, 2023, are available at:
In its reasons for decision, the hearing panel confirmed the sanctions imposed on the Respondent, who agreed to pay a fine in the amount of $30,000.
Mr. Mauro is also required to pay costs in the amount of $5,000.
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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.
Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated firms (Investment Dealer Division) is available free of charge through the AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.
CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
The Canadian Investment Regulatory Organization (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 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.
Other Notices associated with this Enforcement Proceeding:
06/12/23CIRO to Hold a Settlement Hearing for Francesco Mauro (aka Frank Mauro)Type: Enforcement NoticeSubtype: Hearing
07/18/23CIRO Sanctions Francesco MauroType: Enforcement NoticeSubtype: Decision