MONTREAL, June 22 /CNW/ - An appearance will be held before a Hearing Panel of the Investment Industry Regulatory Organization of Canada to set a date for a disciplinary hearing in the matter of Patrick David O'Neill. The hearing concerns numerous allegations Mr. O'Neill's actions involved the forgery of documents and misrepresentation.
The hearing is open to the public, unless the Hearing Panel orders otherwise. The Notice of Hearing is available on IIROC's website. The Hearing Panel's decision and reasons will be made public when available.
Appearance Date: 10 am, July 15, 2010
Location: Suite 1550, 5 Place Ville-Marie, Montreal
The hearing concerns an allegation Mr. O'Neill failed to cooperate in IIROC's investigation by not appearing as requested at an interview with IIROC staff, in violation of IIROC Rule 19.5. It also concerns allegations he engaged in conduct unbecoming or detrimental to the public interest, in violation of IIROC Rule 29.1 when he:
- Submitted a false document to an 86-year-old client, leading her to
believe a transaction had been cancelled;
- Falsely allowed the same client to believe she had received
compensation from her investments by paying her from her own cash
- Knowingly misled another retired client by sending him forged
- Falsified documents in order to redirect that client's mail;
- Sent his firm's compliance department a forged client letter;
- Used a scheme to make a client believe he was receiving monthly
income when those funds were paid from the client's own margin
account at the firm;
- Proposed an unauthorized and fictitious off-book investment in order
to appropriate $200,000 in a client's funds.
IIROC began the investigation in April of 2009. The alleged violations occurred between 2006 and 2009 when Mr. O'Neill was a Registered Representative employed at the Pointe-Claire branch of Dundee Securities Corp., an IIROC-regulated firm. Separately, Dundee has paid the clients indemnities of more than $7-million. Mr. O'Neill is no longer registered in any capacity with an IIROC-regulated firm.
IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. 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
For further information: For further information: Carmen Crépin, Vice-Président, Québec, 514 878-2854, email@example.com; Jeff Kehoe, Acting Vice President, Enforcement, 416.943.6996, firstname.lastname@example.org