REPORT ON DISCIPLINARY ACTION - Details of Hearing: Evangelos-Angelos (Angelo) Mantzios (Mississauga, ON) - FP Canada
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REPORT ON DISCIPLINARY ACTION
Details of Hearing: Evangelos-Angelos (Angelo) Mantzios (Mississauga, ON)
On June 25, 2021, an FP Canada Standards Council™ Discipline Hearing Panel (the “Panel”)
accepted a Joint Settlement Agreement between the FP Canada Standards Council™ and
Evangelos-Angelos (Angelo) Mantzios. The Panel ordered, among other penalties, that Mr.
Mantzios’ certification and entitlement to use the CFP® certification marks be suspended for
a period of six (6) months, ending on December 26, 2021. The Panel also ordered that Mr.
Mantzios complete additional Continuing Education credits and pay costs to FP Canada™.
Background
Mr. Mantzios was certified by FP Canada, then the Financial Planning Standards Council
(FPSC®), as a CERTIFIED FINANCIAL PLANNER® professional in September 2012. He
consistently renewed his certification and does not have a prior discipline history with FP
Canada.
When completing his 2018/2019 CFP Renewal Application form, Mr. Mantzios reported to
FP Canada that another regulatory body was reviewing his conduct in relation to the use of
pre-signed and altered forms, as well as opening leveraged accounts, contrary to the polices
of his employer at the time. The Standards Council commenced an independent investigation
into Mr. Mantzios’ conduct as a CFP Certificant. During the Standards Council’s
investigation, in addition to the allegations relating to the use of pre-signed and altered
forms and the use of leveraging, the Standards Council also reviewed Mr. Mantzios’ conduct
in shredding the contents of client files prior to scheduled compliance reviews by a regulator.
The Conduct Review Panel (CRP) referred this matter to a Hearing Panel in October 2020.
Admitted Conduct
In a Settlement Agreement with the Standards Council, Mr. Mantzios admitted, and the
Hearing Panel found, that: he and/or staff under his supervision, pre-signed or altered client
forms, and shredded contents of client files prior to scheduled compliance reviews by a
regulator. Mr. Mantzios also admitted to, and was found to have breached, the regulator’s
rules.
The Hearing Panel found that it was inappropriate, and an aggravating factor, for Mr.
Mantzios to ask staff, whom he supervised, to fill in the incomplete information on the form.
The panel also noted the following mitigating factors:
• Mr. Mantzios was cooperative with FP Canada in its investigation and had no
previous history of violations, though the conduct occurred over a number of years;
and• there were no client complaints, financial harm or losses that surfaced relating to his
actions.
FP Canada Standards Council Hearing Panel Decision
The Hearing Panel determined that the Joint Settlement Agreement and proposed penalty
were reasonable and should be accepted in accordance with Article 8.2 of the Disciplinary
Rules and Procedures. The Hearing Panel accepted the joint proposed penalty and, on June
25, 2021 ordered that:
• Mr. Mantzios’s CFP certification and entitlement to use the CFP marks shall be
suspended for a period of six (6) months from June 25, 2021 to December 25, 2021;
• During the term of Mr. Mantzios's suspension, he shall cease using the CFP
certification marks in all correspondence and representations of himself and shall not
hold himself out to clients or the public as a CFP professional or certificant of FP
Canada;
• In addition to completing the annual Continuing Education ("CE") hours required of
every CFP professional, Mr. Mantzios shall, at his own expense, successfully
complete:
o The FP Canada Introduction to Professional Ethics Course (IPE) program;
and
o Two (2) credits of FP Canada-approved CE in the category of Practice
Management; and
• Mr. Mantzios shall pay costs to FP Canada in the amount of $1,500 by July 26, 2021;
and
• Mr. Mantzios shall provide proof of successful completion of the CE described above
and shall pay the costs described above to the Standards Council as preconditions to
recertification.
2/2DISCIPLINARY HEARING DECISION AND REASONS
IN THE MATTER OF FP CANADA STANDARDS COUNCIL™
AND
EVANGELOS-ANGELOS (ANGELO) MANTZIOS
Heard in writing: May 26, 2021
Date of decision: June 25, 2021
Hearing Panel: FP Canada Standards Council Discipline Hearing Panel
Craig Noon-Ward, CFP®, Chair of the Hearing Panel
Meagan S. Balaneski, CFP®
Karen Manarin
Tamara Center, for FP Canada Standards Council
Warren S. Rappoport, for Evangelos-Angelos (Angelo) Mantzios
Erica Richler, Independent Legal Counsel to the Hearing Panel
Jignasa Patel, Secretary to the Hearing Panel
1. The FP Canada Standards Council Discipline Hearing Panel (the “Panel”) held a written hearing
to consider allegations of misconduct against Evangelos-Angelos (Angelo) Mantzios, CFP®. The
Panel considered the Joint Settlement Agreement filed by the parties, as well as the parties’ joint
written submissions.
2. The conduct in this case involves Mr. Mantzios, and/or staff under his supervision, pre-signing
or altering client forms, as well as shredding contents of client files prior to scheduled
compliance reviews by the Mutual Fund Dealers Association of Canada (MFDA). Mr. Mantzios
was also found to have breached MFDA rules.
3. The allegations against Mr. Mantzios were set out in the Statement of Allegations dated
November 19, 2020 as follows:
1. Between approximately 2013 and 2018, the Respondent failed to act with integrity and
professionalism, and engaged in conduct involving dishonesty, fraud, deceit or
misrepresentation, contrary to Principles 2 and 8 and Rules 1 and 2 of the Standards of
Professional Responsibility in force between November 2011 and December 2018, by
engaging in the following conduct:
Page 1 of 5a) Signing, or directing another individual to, pre-sign or alter at least 41 forms
involving 32 clients;
b) Shredding contents of client files prior to scheduled compliance reviews;
c) Instructing staff to use his log in credentials to complete insurance applications -
WITHDRAWN; and/or
d) Instructing staff to use his log in credentials to complete Continuing Education
credits - WITHDRAWN.
2. The Respondent failed to provide professional services in accordance with applicable laws,
regulations, rules or established policies of governmental agencies or other applicable
authorities by engaging in conduct that contravened MFDA Rules 2.5.1, 1.1.2, and 2.1.1, as
found by the MFDA Hearing Panel by Order dated November 29, 2019, contrary to Rule 24
of the Standards of Professional Responsibility in force between April 1, 2019 to December
31, 2019.
3. The Respondent failed to reply promptly and completely to communications from the FP
Canada Standards Council in which a response was requested and failed to cooperate fully
with a FP Canada Standards Council investigation, contrary to Rules 33 and 34 of the
Standards of Professional Responsibility in force commencing on January 1, 2020 -
WITHDRAWN.
JOINT SETTLEMENT AGREEMENT
4. The parties filed with the Panel a Joint Settlement Agreement, a copy of which is attached as
Schedule A.
5. As part of the Joint Settlement Agreement, FP Canada withdrew the allegations in paragraphs
1(c), 1(d), and 3 noted above. Mr. Mantzios admitted the remaining allegations of misconduct.
DECISION AND REASONS
6. Pursuant to Article 6.10 of the Disciplinary Rules and Procedures, the “Hearing Panel shall
review the Settlement Agreement and, unless the Hearing Panel considers the terms of the
Settlement Agreement to be inappropriate in the circumstances, shall make an order consistent
with the agreed terms of the Settlement”.
7. The Panel acknowledges that a joint settlement should only be rejected if the settlement would
Page 2 of 5bring the administration of justice into disrepute or would otherwise be contrary to the public
interest. In R. v. Anthony‑Cook, 2016 SCC 43, the Supreme Court of Canada explained that to
meet this test, the settlement must be “so unhinged from the circumstances of the offence and the
offender that its acceptance would lead reasonable and informed persons, aware of all the relevant
circumstances, including the importance of promoting certainty in resolution discussions, to
believe that the proper functioning of the justice system had broken down.”
8. The Panel accepts the Joint Settlement Agreement and finds that it is not inappropriate in the
circumstances.
9. There is agreement by the panel that the certificant’s behaviour breached the applicable Standards
for Professionalism and Integrity. The proposed penalty is consistent with those penalties of
preceding cases involving violations of the same rules and principles and therefore the panel
determined that the proposed penalty is appropriate. Mr. Mantzios stated he was aware his actions
contravened permitted practices and in doing so compromised professionalism and integrity for
convenience and expediency.
10. With regard to the breach of Principles 2 and 8 and Rules 1 and 2 of the Standards of Professional
Responsibility in force between November 2011 and December 2018 (relating to the pre-signed
forms and shredding), Mr. Mantzios’ actions breached both his employer’s zero-tolerance policy
as well as that of FP Canada’s Notice to the Profession (2016) warning against the use of pre-
signed and altered forms. In choosing to engage in these actions, Mr. Mantzios deliberately
violated this guidance through his misconduct. These are significant omissions which could have
resulted in unsuitable recommendations. Mr. Mantzios’ actions had the potential to have more
serious implications. Luckily, no impact to clients has been noted in the facts before the panel.
Through purposely choosing to have clients sign incomplete documentation, Mr. Mantzios
rendered these documents non-compliant and any subsequent alteration without a corresponding
subsequent client-signed consent is a violation of accepted practices as outlined by the regulator,
investment dealer and FP Canada. These actions prevented clients from legally reviewing the
nature of the contract to which they affixed their signed consent.
11. Mr. Mantzios’ perception that this is an administrative convenience is inconsistent with Principle
2: Integrity, and also with Principle 8: Professionalism. Mr. Mantzios’ actions do not reflect
positively upon the profession nor inspire confidence and respect from clients and the community.
In the Settlement Agreement, Mr. Mantzios admits that he did not enjoy doing paperwork and it
Page 3 of 5was not his strength. He also admits that he failed to supervise his staff. The panel finds that it
was inappropriate for Mr. Mantzios to ask staff, whom he supervised, to fill in the incomplete
information on the form. The panel finds that this is an aggravating factor.
12. On November 29, 2019, the Mutual Fund Dealers Association (MFDA) issued an Order
approving a Settlement Agreement with Mr. Mantzios. In the Settlement Agreement with the
MFDA, Mr. Mantzios admitted and the MFDA Hearing Panel found that his conduct violated
MFDA Rules 2.5.1, 1.1.2 and 2.1.1. As a result of these admissions and findings, Mr. Mantzios’
conduct is also contrary to Rule 24 of the Standards of Professional Responsibility in force
between April 1, 2019 to December 31, 2019.
13. The panel notes that the certificant has been cooperative with FP Canada in its investigation and
has no previous history of violations, though the current conduct has occurred over a number of
years. The panel recognizes there have been no client complaints, financial harm or losses that
have surfaced relating to his actions. The panel agrees that the exhibited behaviour is not
consistent with what is expected from a CFP certificant and has considered the above mitigating
circumstances in support of the agreed settlement.
ORDER
14. For these reasons, the Panel accepts the Joint Settlement Agreement.
15. The Panel finds that Evangelos-Angelos (Angelo) Mantzios, CFP® engaged in misconduct as
alleged in the Statement of Allegations and as admitted in the Joint Settlement Agreement, more
particularly contrary to Principles 2 and 8 and Rules 1 and 2 of the Standards of Professional
Responsibility in force between November 2011 and December 2018, and contrary to Rule 24 of
the Standards of Professional Responsibility in force between April 1, 2019 to December 31,
2019.
16. The Panel orders the following disciplinary penalty pursuant to its authority under article 8.2 of
the Disciplinary Rules and Procedures:
a. The Respondent’s CFP certification and entitlement to use the CFP marks shall be
suspended for a period of six (6) months commencing on the date the Order is signed;
b. During the term of the Respondent’s suspension, he shall cease using the CFP marks in all
correspondence and representations of himself and shall not hold himself out to clients or
the public as a CFP professional or certificant of FP Canada;
Page 4 of 5c. In addition to completing the annual hours required of Continuing Education (“CE”)
required of every CFP professional, the Respondent shall, at his own expense, successfully
complete the following additional CE, by no later than March 1, 2022:
i. The FP Canada Introduction to Professional Ethics Course (IPE) program; and
ii. Two (2) credits of FP Canada-approved CE in the category of Practice
Management; and
d. The Respondent shall pay costs to FP Canada in the amount of $1,500 payable within
thirty (30) days from the date the Order is signed; and
e. The Respondent shall provide proof of successful completion of the CE described in
subparagraph (d) above and shall pay the costs described in subparagraph (e) above to the
Standards Council as preconditions to recertification.
DATED this 25th day of June, 2021
___________________________________________
Craig Noon-Ward, CFP®, Chair of the Hearing Panel
___________________________________________
Meagan S. Balaneski, CFP®
___________________________________________
Karen Manarin
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