Re William Cormylo, File No. 201323
A Hearing Panel of the Prairie Regional Council issued its decision in the William Cormylo file, which found him guilty of two charges levied by MFDA Staff. These charges were: 1) engaging in securities related business not carried on for the account or through the Member in respect of investment products totaling at least $4,361,390; and 2) engaging in another gainful occupation which was not disclosed to and approved by the Member. Cormylo had entered into certain unapproved outside business activities including promotion of investment products and referral arrangements with various companies whereby Cormylo received a commission for monies invested. The outside business activities and "off-book" transactions were unapproved.
As a result of his misconduct, the MFDA ordered: a permanent prohibition on the authority of the Respondent to conduct securities related business; a global fine in the amount of $300,000; and costs of $7,500.
A full text of the decision can be read here.
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