IIROC announces date of penalty hearing for Patrick David O'Neill

MONTRÉAL, Dec. 14 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has scheduled a hearing to determine the appropriate penalty in the matter of Patrick David O'Neill.

Hearing Date:  9:30 am, February 3, 2011
Location:   5 Place Ville Marie, Suite 1550, Montreal, QC

The penalty hearing is open to the public, unless the Hearing Panel orders otherwise. The panel's decision on the penalty will be made available at www.iiroc.ca.

In its November 11, 2010 decision,the panel found that Mr. O'Neill had engaged in conduct unbecoming and detrimental to the public interest, contrary to IIROC Rule 29.1 by misleading clients and his firm with false and forged documents in several instances, and by misappropriating client funds in excess of $200,000. 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. The decision was announced in a December 1, 2010 news release.

The violations took place 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 not currently registered with an IIROC-regulated firm.

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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: For further information:

Carmen Crépin
Vice President, Québec          
Elsa Renzella
Director, Enforcement Litigation

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