CIRO decision follows multiple rule contraventions
The Canadian Investment Regulatory Organization (CIRO) today announced a settlement agreement with advisor Stephen Talosi regarding contraventions of CIRO — formerly MFDA — bylaws in 2019.
In the settlement agreement Talosi admitted to sending confidential client information to a third party without ensuring prior consent from the client. He also admitted to accessing the system of another MFDA member and sending that member’s client’s confidential information to a third party without knowledge of the member or their client. An Approved Person registered with that member had given Talosi the login credentials.
Talosi also admitted to misleading the Member dealer during its investigation into his conduct.
Talosi will be fined $40,000 for these rule contraventions, as well as being forced to pay costs in the amount of $5,000. Talosi will be prohibited from conducting any securities related business for 12 months starting today.
Talosi will also have to successfully complete the Ethics and Professional Conduct Course offered by the IFSE Institute before he can become re-registered with any dealer members of CIRO registered as a mutual fund dealer.
