The Mutual Fund Dealers Association has permanently banned a former Ontario fund salesman and insurance agent for his conduct with clients, and for failing to co-operate with an MFDA investigation.

At a hearing held Monday in Toronto, an MFDA panel accepted the settlement agreement between Calogero (Charlie) Arcuri and MFDA staff.

Arcuri was registered in Ontario as a mutual fund salesperson with Quadrus Investment Services Ltd. from March 5, 2002 to March 15, 2007. He was also registered as an agent with London Life Insurance Company, from January 18, 2002 to March 15, 2007.

In the settlement agreement, Arcuri admitted that:

> he failed to deal with clients BET and AM fairly, honestly and in good faith, and engaged in conduct which was unbecoming and detrimental to the public interest with respect to JM and MT; and

> he failed to attend to give information as requested by the MFDA.

As a consequence of the settlement. Arcuri is permanently prohibited from conducting securities related business in any capacity, must pay a fine in the amount of $22,500, and must pay costs in the amount of $2,500.

Arcuri was terminated as an approved person by Quadrus and as an agent by London Life on March 15, 2007, and is no longer registered in any capacity in the securities industry.

IE