09:41:35 EDT Sat 11 Jul 2020
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save

IIROC respondent O'Brien lands an appeal victory

2020-06-30 18:48 ET - Street Wire

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

Former RBC Dominion Securities Ltd. employee Michael Francis O'Brien has won a reduction of the fine and suspension that he received from the Investment Industry Regulatory Organization of Canada for borrowing money from a vulnerable, elderly client. Mr. O'Brien must now pay $50,000 and serve a nine-month suspension. IIROC had previously fined him $100,000 and banned him for two years.

The reductions are contained in an appeal decision that IIROC released on Tuesday, June 30. The matter stemmed from dealings that Mr. O'Brien had with a client, an 81-year-old woman. According to IIROC, Mr. O'Brien borrowed $156,603 from the woman, with a large portion of the money going to his credit cards. He had incurred charges in London, Paris and Las Vegas.

IIROC imposed the initial fine and suspension on April 6, 2020, after a hearing in Calgary, where Mr. O'Brien worked. Mr. O'Brien quickly appealed the penalties to the Alberta Securities Commission. The matter went to a virtual hearing on May 27, 2020, before a two-member panel. The reduction in Mr. O'Brien's sanctions is contained in an order from that panel released Tuesday.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2020 Canjex Publishing Ltd. All rights reserved.


Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.