Vancouver (British Columbia), July 18, 2023 – On June 20, 2023, a hearing panel of the Investment Dealer Division of the Canadian Investment Regulatory Organization (CIRO) accepted a settlement agreement, with sanctions, between Enforcement Staff and Francesco Mauro, a.k.a. Frank Mauro.
Mr. Mauro admitted that he failed to use due diligence to ensure that his investment recommendations were suitable for his client.
Specifically, Mr. Mauro admitted to the following violation:
- Between October 2017 and March 2020, the Respondent failed to use due diligence to ensure that his investment recommendations were suitable for his client, contrary to Dealer Member Rule 1300.1(q).
Pursuant to the settlement agreement, the respondent agreed to the following sanctions:
- a fine in the amount of $30,000;
Mr. Mauro also agreed to pay costs in the amount of $5,000.
The Settlement Agreement is available at:
The hearing panel’s decision will be made available at www.iiroc.ca.
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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.
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 carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA), 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.
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
09/05/23CIRO Hearing Panel issues Reasons for Decision in the matter of Francesco MauroType: Enforcement NoticeSubtype: Decision
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