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ARTICLE · 02 OCTOBER 2014

Unapproved Outside Business Activities

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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.

CanadaFinance and Banking
Devin Persaud
Devin Persaud
Laura Paglia
Laura Paglia
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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.

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