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Toronto (Ontario), January 4, 2024 – An initial appearance has been scheduled before a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules to set a date for a disciplinary hearing in the matter of Sandly Alteon.
The initial appearance is open to the public unless the hearing panel orders otherwise. The date for the disciplinary hearing will be made available at www.mfda.ca.
Initial Appearance: February 5, 2024
Location: Via videoconference
Members of the public who would like to obtain further particulars should fill out this questionnaire.
The hearing concerns allegations of the following violations of the Mutual Fund Dealer Rules:[1]
Allegation #1: Commencing May 29, 2020, the Respondent engaged in personal financial dealings with a client, giving rise to a conflict or potential conflict of interest that the Respondent failed to disclose to the Dealer Member or otherwise address by the exercise of responsible business judgment influenced only by the best interests of the client, contrary to the Dealer Member’s policies and procedures and Mutual Fund Dealer Rules 2.1.4(2), 2.1.1, and 1.1.2(b) (as it relates to Mutual Fund Dealer Rule 2.5.1) (formerly MFDA Rules 2.1.4, 2.1.1, 1.1.2, and 2.5.1).
Allegation #2: Between November 3, 2018 and December 22, 2020, the Respondent engaged in outside activities that were not disclosed to or approved by the Dealer Member, contrary to the Dealer Member’s policies and procedures and Mutual Fund Dealer Rules 1.3.2, 2.1.1, and 1.1.2(b) (as it relates to Mutual Fund Dealer Rule 2.5.1) (formerly MFDA Rules 1.3.2, 2.1.1, 1.1.2, and 2.5.1).
Allegation #3: Commencing January 26, 2023, the Respondent failed to cooperate with an investigation into the Respondent’s conduct by Staff of CIRO, contrary to Mutual Fund Dealer Rule 6.2.1.
The Notice of Hearing and Statement of Allegations which sets out the allegations is available at:
Alteon, Sandly – Notice of Hearing
At all material times, the Respondent conducted business in the Laval, Quebec area.
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All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website.
CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
CIRO is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.
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[1] Staff alleges that, in respect of Allegations #1 and #2, at the time of the misconduct, the Respondent contravened MFDA Rule 2.1.4, 1.3.2, 2.1.1 and 1.1.2 (as it relates to MFDA Rule 2.5.1), which are now incorporated into Mutual Fund Dealer Rules 2.1.4(2), 1.3.2, 2.1.1, and 1.1.2(b) (as it relates to Mutual Fund Dealer Rule 2.5.1) referred to in this proceeding. On June 30, 2021 and July 7, 2022, amendments to MFDA Rules 2.1.4 and 1.1.2, respectively, came into effect. As the conduct addressed in this proceeding pre-dated the amendments to those Rules, the versions of MFDA Rules 2.1.4 and 1.1.2 that were in effect prior to those amendments are applicable to this proceeding.