CALGARY, Jan. 14, 2020 /CNW/ - Following a disciplinary hearing held from October 22-25, 2019, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that Michael Francis O'Brien borrowed a significant amount of money from an elderly client without his employer's knowledge or approval, and misled his client's bank and IIROC staff during investigations.
The Hearing Panel's reasons for the decision on liability will be available at a later date.
Specifically, the Hearing Panel found that Mr. O' Brien committed the following violations:
a) Between May and September of 2017, Mr. O'Brien engaged in personal financial dealings with a client, without the knowledge or approval of his firm, contrary to Dealer Member Rule 43; and
b) In September 2017 and April 2018, Mr. O'Brien made misleading representations regarding client dealings, contrary to Consolidated Rule 1400.
A separate hearing will be held to determine the penalty to be imposed on Mr. O'Brien, the date of which will be made available at www.iiroc.ca.
Documents related to ongoing IIROC enforcement proceedings – including Reasons and Decisions of Hearing Panels – are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.
IIROC formally initiated the investigation into Mr. O'Brien's conduct in January 2018. The alleged violations occurred while he was a Registered Representative with Calgary branches of RBC Dominion Securities Inc. and Raymond James Ltd., both IIROC regulated firms. Mr. O'Brien is currently a Registered Representative at the Calgary branch of Raymond James Ltd.
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IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of more than 170 Canadian investment dealer firms and their more than 29,000 registered employees, the majority of whom are commonly referred to as investment advisors. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces.
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, permanent bars, expulsion from membership, or termination of rights and privileges 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.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information: Enforcement Contact: Charles Corlett, Director, Enforcement Litigation, 416 646-7253, [email protected]; Media Contact: Andrea Zviedris, Manager, Media Relations, 416 943-6906, [email protected]