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by Mike Caswell

A hearing panel of the Canadian Investment Regulatory Organization has found former Assante Capital Management Inc. employee James O'Reilly liable for improperly borrowing $1.65-million from clients. CIRO said that Mr. O'Reilly solicited the money to buy or renovate commercial and residential real estate properties. The loans amounted to improper financial dealings, CIRO claimed.

The liability finding is contained in a decision that CIRO released on Wednesday, Oct. 30. There is no penalty for Mr. O'Reilly, at least not yet, as the regulator will convene a separate hearing to determine his sanctions. Determining his liability required a relatively brief hearing, as Mr. O'Reilly entered into an agreed statement of facts ahead of time.

The finding arises from events that go back to the spring of 2021, when a couple (identified only as "BDN" and "JN") had sold a property and were asking Mr. O'Reilly how they should invest the proceeds. According to CIRO, he suggested purchasing commercial real estate, with the idea being to renovate a building and sell it at a profit. He told them that he had come across a particular property in Hamilton, which would require $425,000 initially. Mr. O'Reilly represented to the couple that they would have their money back within a year, CIRO said.

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