MFDA makes findings against Michael Franco

The MFDA commenced a disciplinary proceeding in respect of Michael Franco by Notice of Hearing dated July 28, 2010. The hearing of this matter on its merits took place today in Calgary, Alberta before a hearing panel of the MFDA’s Prairie Regional Council. The parties filed an agreed statement of facts prior to the hearing […]

By Staff | January 25, 2011 | Last updated on January 25, 2011

1 min read

The MFDA commenced a disciplinary proceeding in respect of Michael Franco by Notice of Hearing dated July 28, 2010.

The hearing of this matter on its merits took place today in Calgary, Alberta before a hearing panel of the MFDA’s Prairie Regional Council. The parties filed an agreed statement of facts prior to the hearing in which Mr. Franco admitted a number of facts which constitute misconduct on his part and for which he could be penalized by a hearing panel pursuant to MFDA By-laws.

Following submissions from the parties, the hearing panel imposed the following penalties on Mr. Franco and advised that it will issue written reasons for its decision in due course:

(a)	a five (5) year suspension from conducting securities related business in any capacity over which the MFDA has jurisdiction;
(b)	a fine in the amount of $40,000; and
(c)	costs in the amount of $5,000.

A copy of the Notice of Hearing 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.

Staff

Earnings prospects underpin investor optimism: S&P survey

Canadian banks directed over US$100B to oil and gas last year: report

Laurentian Bank cutting about 2% of workforce, ending equity research