IIROC announces penalty against Patrick David O'Neill

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 residential address;
  • 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 firm; and
  • 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, 2011.

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 firm.

* * *

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 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:

Carmen Crépin                                     Elsa Renzella
Vice President, Québec                                     Director, Enforcement Litigation
514.878.2854                                     416.943.5877
ccrepin@iiroc.ca                                     erenzella@iiroc.ca


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