TORONTO, May 7, 2024 /CNW/ - Following a disciplinary hearing held on April 26, 2024, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules found that Patrick Joseph Conlin:

a)      completed Know Your Client information on account opening documents to open accounts for investors at an investment dealer where he was not registered and provided recommendations to an investor in respect of non-mutual fund securities outside the Dealer Member;

b)      failed to process transactions requested by a client; and

c)       failed to cooperate with an investigation by the MFDA into his conduct.

The hearing panel imposed the following sanctions on Patrick Conlin

a)      a permanent prohibition from conducting securities related business while in the employ of or associated with any Dealer Member of CIRO, and

b)      a fine of $75,000.

Patrick Conlin is also required to pay costs in the amount of $10,000.

The hearing panel's reasons for decision will be made available at www.ciro.ca.

The Notice of Hearing and Statement of Allegations which sets out the allegations are available at:  

Conlin, Patrick – Notice of Hearing and Statement of Allegations

The alleged violations occurred while Patrick Conlin was a Registered Representative with the London, Ontario branch of Investors Group Financial Services Inc. Patrick Conlin is no longer a registrant with a CIRO-regulated firm. 

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All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website.

Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.

CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.

SOURCE Canadian Investment Regulatory Organization (CIRO)

View original content: http://www.newswire.ca/en/releases/archive/May2024/07/c0513.html