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by Mike Caswell

The Canadian Investment Regulatory Organization has permanently banned former National Bank Financial Ltd. employee Domino Au-Young for misappropriating client money. CIRO claims that Mr. Au-Young used falsified letters to obtain cheques drawn on the accounts of the clients. He was then able to transfer the money to an account in his name through a currency exchange service, CIRO says.

The penalties for Mr. Au-Young are contained in a settlement agreement that CIRO released on Thursday, Nov. 2. In addition to the permanent ban, Mr. Au-Young must pay a $125,000 fine and $7,000 in CIRO's costs. In accepting the penalties, Mr. Au-Young has admitted to the conduct at issue, at least for the purpose of settling the matter.

The case, as set out in Thursday's settlement, arises from transactions in the accounts of two clients. The transactions occurred in 2018 and 2019, when Mr. Au-Young was working at a Vancouver-area branch of National Bank Financial. The first transaction, as set out by CIRO, arose on May 8, 2018, when Mr. Au-Young submitted an authorization letter purportedly signed by a client (only identified as "ZB"). The letter instructed National Bank Financial to issue a $45,000 (U.S.) cheque, to be hand-delivered by Mr. Au-Young.

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