Vancouver (British Columbia), November 1, 2023 – On October 19, 2023, a hearing panel of the Investment Dealer Division of the Canadian Investment Regulatory Organization (CIRO) accepted a settlement agreement, with sanctions, between Enforcement Staff and Domino Au-Young.
Mr. Au-Young admitted that he misappropriated monies from clients’ accounts, misled his firm and Enforcement Staff about the circumstances of the misappropriation, failed to disclose and obtain the approval of his employer for an outside business interest, and used an unapproved communications method.
Specifically, Mr. Au-Young admitted to the following contraventions:
- On or about May 11, 2018, the Respondent misappropriated monies from a client’s account;
- On or about December 24, 2019, the Respondent misappropriated monies from another client’s account;
- The Respondent misled his firm and Enforcement Staff about the circumstances of the misappropriation of clients’ funds;
- Between May 2020 and January 2022, the Respondent failed to disclose and obtain approval of his firm for an outside business interest; and
- Between December 2018 and December 2019, the Respondent communicated with clients using an unapproved communications method in violation of his firm’s policies and procedures and Investment Dealer and Partially Consolidated Rules.
Pursuant to the settlement agreement, Mr. Au-Young agreed to the following sanctions:
- permanent ban from registration in any capacity; and
- fine of $125,000.
Mr. Au-Young also agreed to pay costs in the amount of $7,500.
The Settlement Agreement is available at:
The hearing panel’s decision will be made available at www.iiroc.ca.
The alleged violations occurred while the Respondent was a Registered Representative with the National Bank Financial Ltd. and Echelon Wealth Partners Inc. The Respondent 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 is available in the Enforcement section of the IIROC website for investment dealer disciplinary proceedings and the MFDA website for mutual fund dealer disciplinary proceedings.
Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated firms (Investment Dealer Division) is available free of charge through the AdvisorReport service. Information on how to make investment 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.
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.
Other Notices associated with this Enforcement Proceeding:
06/14/23CIRO to Hold Disciplinary Hearing for Domino Au-YoungType: Enforcement NoticeSubtype: Hearing
06/15/23IN THE MATTER OF Domino Au-Young – Initial Appearance RescheduledType: Enforcement NoticeSubtype: Hearing
11/01/23CIRO Sanctions Domino Au-YoungType: Enforcement NoticeSubtype: Decision
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