CIRO finds TD ex Naek liable for misappropriation
2025-09-15 20:15 ET - Street Wire
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by Mike Caswell
The Canadian Investment Regulatory Organization has found former TD Waterhouse Inc. employee Omer Naek liable for misappropriating over $200,000 from three of his clients. CIRO said that Mr. Naek used client money to pay a construction contractor he was buying a new house from. The clients were vulnerable or had died, according to CIRO.
While CIRO has found Mr. Naek liable for the misappropriation, the regulator has not yet imposed any sanctions. It will hold a separate hearing to determine his penalties. The possible sanctions range from a reprimand to a permanent ban, plus fines.
CIRO had little else to say Monday, but the regulator previously set out the details of the case in a notice of hearing dated Feb. 24, 2025. The events at issue go back to April, 2019, when a 72-year-old client opened brokerage accounts with Mr. Naek. The accounts, as described by CIRO, were short-lived -- the client died on March 6, 2020.
According to CIRO, Mr. Naek began misappropriating money from the accounts of the client after his death. On May 29, 2020, he opened a forged bank account in the client's name, and then transferred $60,000 from the client's brokerage accounts to that bank account, the hearing notice states. With the money in the forged bank account, Mr. Naek then obtained a $20,000 bank draft payable to a construction contractor who was selling him a house, CIRO said. Mr. Naek also withdrew $5,000 from the account, according to CIRO.
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" Mr. Naek still did not attend, CIRO said."
One would presume that TD will be going after Mr. Naek to make them whole?
And is this him??
https://www.mybusinessmagazine.ca/single-post/omer-naek-pl-fin-b-a-a-senior-financial-planner-ig-wealth-management-montreal-quebec
OMER NAEK, Pl. Fin., Senior Financial Planner, Gestion Omer Naek Inc, Montreal, Quebec
Senior Financial Planner Omer Naek believes in living a well-balanced life and encourages his clients to do the same. To help clients meet their goals, he employs a method that never fails – he gets to know them well. In fact, relationship building is the part of his job that he enjoys the most....While he was growing up, hockey was a constant presence in Omer’s life. He began playing the sport as a young child and grew up to play semi-professionally. He found himself facing a big decision after graduating high school – continue with a hockey career that could possibly take him to Europe, but likely end in 10 years – or find a career path that would last much longer. Ultimately, he got his start at TD bank as a credit card specialist.
a Canadian brokerage is generally held responsible and may be required to repay clients for the fraudulent actions of its employee, as the employee's actions can create a contractual liability for the firm. The brokerage has a duty to ensure its representatives act with honesty, competence, and in their clients' best interests. If a client is defrauded, they can pursue the brokerage for compensation for the losses they suffered.
Posted by halcrow at 2025-09-15 20:58
Every second day we get a story about ciro wagging the finger and harrumph harrumph ( better than bcse I suppose). Only acronym I want to see is rcmp and throw some of these peeps in jail and take their shit that they stole.
Posted by Tom at 2025-09-16 00:11