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 Canadian Investment Regulatory Organization has begun proceedings against former Quadrus Investment Services Inc. employee Michael Jordan MacDonnell, claiming that he misappropriated $300,000 from a client. According to CIRO, Mr. MacDonnell had the client transfer him the money for supposed investments in an index fund and a GIC. Mr. MacDonnell then used the cash for personal expenses, including investments in penny stocks and on-line gambling, CIRO claims.

The allegations are contained in a notice of hearing that CIRO released on Tuesday, June 9. The sole respondent is Mr. MacDonnell, who worked at a branch in the Toronto area. He resigned on Sept. 20, 2024, and no longer works in a registered capacity.

The case, as set out by CIRO, stems from money that Mr. MacDonnell solicited from a client only identified as "NK." According to the notice, the client opened an account at Quadrus on April 6, 2023, and deposited $315,000 into that account. All appears to have gone well until March, 2024, when Mr. MacDonnell told the client that he could offer her investment opportunities through his corporation, MacDonnell Wealth Corp., CIRO says.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS