October 6, 2022 (Toronto, Ontario) – Following a penalty hearing held in writing, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) imposed the following penalty on Neil DiCostanzo:
- a fine of $17,500;
- disgorgement of $17,500;
- successfully rewrite the Conduct and Practices Handbook examination within 6 months of re-registration; and
- 12 month period of strict supervision upon any re-approval.
Mr. DiCostanzo is also required to pay costs in the amount of $15,000.
The penalty decision can be found at:
(Re) DiCostanzo, 2022 IIROC 24
In an earlier decision dated May 18, 2022, the Hearing Panel found that Mr. DiCostanzo acted contrary to Dealer Member Rule 18.14 by engaging 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.
The decision on Liability can be found at:
(Re) DiCostanzo, 2022 IIROC 10
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.
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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 32,000 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.
Other Notices associated with this Enforcement Proceeding:
01/11/21IN THE MATTER OF Neil DiCostanzo – Appearance to set a hearing dateType: Enforcement NoticeSubtype: Hearing
02/24/21IIROC Holds Hearing for Former Toronto Investment Advisor Neil DiCostanzoType: Enforcement NoticeSubtype: Hearing
04/21/21IN THE MATTER OF Neil DiCostanzo – AdjournmentType: Enforcement NoticeSubtype: Hearing
05/26/21IIROC to Hold Disciplinary Hearing for Former Toronto Investment Advisor Neil DiCostanzoType: Enforcement NoticeSubtype: Hearing
11/19/21IN THE MATTER OF Neil DiCostanzo – Motion DecisionType: Enforcement NoticeSubtype: Decision
08/09/22IIROC to Receive Written Penalty Submissions Regarding Neil DiCostanzoType: Enforcement NoticeSubtype: Hearing
10/06/22IIROC Sanctions Neil DiCostanzoType: Enforcement NoticeSubtype: Decision