MFDA settles with Calogero Arcuri

A settlement hearing in the matter of Calogero (Charlie) Arcuri was held today in Toronto, Ontario before a hearing panel of the MFDA’s Central Regional Council. The hearing panel accepted the settlement agreement between Mr. Arcuri and MFDA staff, as a consequence of which Mr. Arcuri:

• is permanently prohibited from conducting securities related business in any capacity;
• shall pay a fine in the amount of $22,500; and
• shall pay costs in the amount of $2,500.

In the settlement agreement, Mr. Arcuri admitted that:

(a) he failed to deal with clients BET and AM fairly, honestly and in good faith and engaged in conduct which was unbecoming and detrimental to the public interest with respect to JM and MT, contrary to MFDA Rules 2.1.1(a) and (c) respectively; and

(b) he failed to attend to give information as requested by the MFDA, contrary to Section 22.1 section (c) of MFDA By-Law No. 1.

The Hearing Panel will issue written reasons for its decisions in due course. A copy of the Settlement Agreement is available here, and on the MFDA website at www.mfda.ca.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.