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CIRO cites Assante ex O'Reilly over client borrowing

2024-05-09 20:53 ET - Street Wire

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by Mike Caswell

The Canadian Investment Regulatory Organization has filed a case against former Assante Capital Management Inc. employee James O'Reilly, citing him for improperly borrowing $1.65-million from clients. CIRO claims that Mr. O'Reilly solicited the loans, seeking money for three commercial real estate projects. He then failed to repay most of the money, CIRO says.

The allegations are contained in a notice of hearing that CIRO released on Tuesday, May 7. The violations, as set out in the notice, go back to the spring of 2021, when two clients (identified only as "BDN" and "JN") had sold a property and were asking Mr. O'Reilly how they should invest the proceeds. According to CIRO, he suggested purchasing commercial real estate, with the idea being to renovate a building and sell it at a profit. He told them that he had come across a particular property in Hamilton, which would require $425,000 initially. Mr. O'Reilly told the couple that they would have their money back within a year, the notice states.

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Seen a lawsuit with Vancouver Lawyers names pasted on the documents, and they know the information is a scam- will they be arrested and the ill gotten gains seized?

Posted by oh at 2024-05-10 12:10