IN THE MATTER OF Neil DiCostanzo – Motion Decision

21-0214
Type: Enforcement Notice> Decision

Contact:

Andrew P. Werbowski
Director, Enforcement Litigation
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Email:
Julia Mackenzie
Public Affairs Specialist
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November 19, 2021 (Toronto, Ontario) – On November 1, 2021, Counsel for IIROC Enforcement ("IIROC Counsel") brought a motion to call reply evidence and admit a document. In its decision dated November 4, 2021, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) dismissed the motion stating that the proposed evidence did not meet the requirements of reply evidence.

The Hearing Panel’s decision on the motion dated November 4, 2021, is available at:

Re DiCostanzo, 2021 IIROC 25

The Hearing Panel also released its Reasons for Decision regarding the admissibility of certain documents.  The Hearing Panel’s decision dated November 11, 2021 is available at:

Re DiCostanzo, 2021 IIROC 26

The motion relates to a disciplinary proceeding initiated against Mr. DiCostanzo, which alleges that  he engaged in outside business activities without the approval of his Dealer Member. 

The Notice of Hearing and Statement of Allegations which sets out the allegations is available at: 

DiCostanzo, Neil - Notice of Hearing and Statement of Allegations

IIROC formally initiated the investigation into Mr. DiCostanzo’s conduct in May 2018. The alleged 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 31,000 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.

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Other Notices associated with this Enforcement Proceeding: