TORONTO, April 25 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of
Canada (IIROC) has imposed a penalty on Patrick David O'Neill which
includes a fine of $775,000 and a permanent ban. The panel also ordered
Mr. O'Neill to pay $104,985.06 in costs.
The panel's penalty decision follows an earlier decision which found that Mr. O'Neill misled clients
and his firm with false and forged documents in several instances, and
that he misappropriated client funds in excess of $200,000. The panel
also found that Mr. O'Neill failed to meet with IIROC staff and
cooperate with an IIROC investigation.
The earlier decision found that Mr. O'Neill engaged in conduct
unbecoming and detrimental to the public interest, contrary to IIROC Rule 29.1, by:
delivering a false document to a client to make her believe that a
transaction had been cancelled as per her instructions;
falsely allowing the same client on two separate occasions to believe
that she had received compensation from her investment dealer, even
though the cheques had come from her own cash account;
misleading another client by sending him forged statements that did not
accurately reflect his portfolios;
forging or using change of address documents with falsified copied
signatures to redirect that same client's mail away from his
sending the firm's compliance department a letter with the forged
signature of that same client;
making a client believe that he was receiving a monthly rental income,
although the funds came from the client's own margin account with the
proposing a fictitious and unauthorized off-book investment to a client
to obtain $200,000 of the client's money.
The panel also found that Mr. O'Neill failed to cooperate in the IIROC
investigation by failing to meet requests to appear and to provide
information, a violation of IIROC Rule 19.5. Mr. O'Neill also failed to attend the penalty hearing on February 3,
The violations took place between July, 2006 and August, 2009 when Mr.
O'Neill was a Registered Representative at the Pointe-Claire Branch of
Dundee Securities Corporation, an IIROC-regulated firm. IIROC began its
formal investigation into Mr. O'Neill's conduct on April 6, 2009, after
the firm terminated Mr. O'Neill and reported numerous client complaints
to IIROC. Mr. O'Neill is no longer registered with an IIROC-regulated
* * *
IIROC investigates possible misconduct by its member firms and/or
individual registrants. It can bring disciplinary proceedings which may
result in penalties including fines, suspensions and permanent bans or
terminations for individuals and firms.
All information about disciplinary proceedings relating to current and
former member firms is available in the Enforcement section of the IIROC website. Background information regarding the
qualifications and disciplinary history, if any, of advisors currently
employed by IIROC-regulated firms is available free of charge through
the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or
marketplace-related complaints is available by calling 1.877.442.4322.
IIROC is the national self-regulatory organization which oversees all
investment dealers and trading activity on debt and equity marketplaces
Created in 2008 through the consolidation of the Investment Dealers
Association of Canada and Market Regulation Services Inc., IIROC sets
high quality regulatory and investment industry standards, protects
investors and strengthens market integrity while maintaining efficient
and competitive capital markets.
IIROC carries out its regulatory responsibilities through setting and
enforcing rules regarding the proficiency, business and financial
conduct of dealer firms and their registered employees and through
setting and enforcing market integrity rules regarding trading activity
on Canadian equity marketplaces.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
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