TORONTO, July 8, 2024
/CNW/ - Further to a disciplinary hearing held on May 15,
2024, a hearing panel of the Canadian Investment Regulatory
Organization (CIRO) under the Mutual Fund Dealer Rules has issued
their reasons for decision in the Carren Au matter.
The hearing panel found that Carren Au misappropriated or failed
to account for monies that he obtained from clients and other
individuals; and failed to cooperate with an investigation into his
conduct by MFDA Staff.
The hearing panel confirmed the permanent prohibition from
conducting securities related business in any capacity while in the
employ of or associated with any CIRO Dealer Member, and the fine
of $1,000,000 imposed on Carren
Au.
Carren Au is also required to pay costs in the amount of
$21,375.
The hearing panel's decision dated June
28, 2024, is available at:
Re Au 2024 CIRO 58
During the period described in the Notice of Hearing, Carren Au
conducted business in the Toronto,
Ontario area.
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.
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.
SOURCE Canadian Investment Regulatory Organization (CIRO)