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
The Investment Industry Regulatory Organization of Canada has imposed a permanent ban and $729,000 in financial sanctions on former CIBC World Markets Inc. employee Mark Odorico. The regulator found that Mr. Odorico misappropriated money from his clients, having the clients send him money personally. He told one client that she would realize greater returns investing through him than through CIBC, but she lost nearly all of her money.
The penalties for Mr. Odorico are contained in a brief news release that IIROC issued on Thursday, July 21, along with a decision on liability. He must pay a $125,000 fine, disgorge $579,000 in gains and pay $25,000 in IIROC's costs. On top of that, IIROC permanently banned Mr. Odorico from working in a registered capacity.
The case, as set out in the liability decision, stemmed in part from losses suffered by a woman who had become one of Mr. Odorico's clients in June, 2014. The client, only identified as "RM," was 58 years old and had no high school education. She placed $550,000 in her account.
The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS
© 2024 Canjex Publishing Ltd. All rights reserved.