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by Mike Caswell

Former CIBC World Markets Inc. employee Mark Odorico, who was permanently banned and ordered to pay $729,000 by the Canadian Investment Regulatory Organization, has partially won an appeal ruling. The penalties, which arose from client money that Mr. Odorico allegedly misappropriated, were not entirely supported by the evidence, an appeal panel has ruled. Mr. Odorico claimed that the money represented loans and was not associated with his work.

The win for Mr. Odorico is contained in a ruling handed down on Oct. 13, 2023. It comes as part of a case in which CIRO found Mr. Odorico to have inflicted losses on a husband and wife, "JR" and "MR." According to CIRO, Mr. Odorico called them in September, 2018, to pitch an opportunity to buy something called Versabank. He told them that an investment would generate a return of 10 per cent within 30 days. The couple sent him $150,000 to invest on their behalf, and never saw their money again, CIRO found. For that infraction and others, CIRO ordered Mr. Odorico to pay $729,000 and permanently banned him from working in a registered capacity.

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