July 29, 2021 (St. John’s, Newfoundland and Labrador) – A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Joan McCarthy.
The hearing concerns allegations that:
- Between 2006 and 2019, Mrs. McCarthy falsified signatures and appropriated funds from her clients’ accounts, contrary to Dealer Member Rule 29.1 and Rule 1400 of the Consolidated Rules (after September 1, 2016); and
- Mrs. McCarthy failed to cooperate with an IIROC investigation by refusing to provide documents and failing to attend an interview with Enforcement Staff, contrary to section 8104 of the Consolidated Rules.
IIROC formally initiated the investigation into Mrs. McCarthy’s conduct in June 2019. The alleged violations occurred while she was a Registered Representative with the St. John’s branch of
MD Management Ltd., an IIROC-regulated firm. Mrs. McCarthy is no longer a registrant with an IIROC-regulated firm.
The hearing is open to the public, unless the Panel orders otherwise. Members of the public who wish to attend must contact IIROC’s National Hearing Coordinator at [email protected] for more information.
Hearing Date: The disciplinary hearing will be held by videoconference on October 28, 2021 at 10:00 a.m (NDT).
The Notice of Hearing and Statement of Allegations which sets out the allegations can be found here: McCarthy, Joan – Notice of Application and Statement of Allegations
Documents related to ongoing IIROC enforcement proceedings – including Reasons and Decisions of Hearing Panels – are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.
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IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada’s debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of 175 Canadian investment dealer firms of varying sizes and business models, and their more than 30,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces.
IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website. Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.
Other Notices associated with this Enforcement Proceeding:
04/30/21IIROC Begins Disciplinary Action Against Former Newfoundland and Labrador Investment Advisor Joan McCarthyType: Registration Review HearingSubtype: Hearing
07/29/21IIROC to Hold Disciplinary Hearing for Former Newfoundland and Labrador Investment Advisor Joan McCarthyType: Enforcement NoticeSubtype: Hearing
01/06/22IIROC Sanctions Former Newfoundland and Labrador Investment Advisor Joan McCarthyType: Enforcement NoticeSubtype: Decision