June 23, 2022 (Toronto, Ontario) – A penalty hearing was initially scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Mark Odorico on June 17, 2022. The Hearing Panel has adjourned the penalty hearing to July 15, 2022, peremptory to Mr. Odorico.
The Hearing Panel will consider the penalty to be imposed as a result of its decision dated April 7, 2022, which found that Mr. Odorico acted contrary to Dealer Member Rule 29.1 (prior to September 1, 2016) and Consolidated Rule 1400 (after September 1, 2016) and Rule 8104. Mr. Odorico was found to have misappropriated client funds, effected unauthorized trades and failed to co-operate with IIROC Staff during its investigation.
The Hearing Panel’s liability decision is available at: (Re) Odorico, 2022 IIROC 06
The penalty hearing is open to the public, unless the Hearing Panel orders otherwise. Members of the public who would like to attend the hearing should contact IIROC's National Hearing Officer at [email protected] to obtain the details. The decision of the Hearing Panel will be made available at www.iiroc.ca.
Hearing Date: The hearing will be held by way of videoconference on July 15, 2022 at 10:00 a.m.
IIROC formally initiated the investigation into Mr. Odorico’s conduct in June 2019. The alleged violations occurred while he was a Registered Representative with the Thornhill branch of CIBC World Markets Inc., an IIROC-regulated firm. Mr. Odorico is no longer a registrant with an IIROC-regulated firm.
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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.
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.
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 174 Canadian investment dealer firms of varying sizes and business models, and their more than 31,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces. For more information, visit www.iiroc.ca.
Other Notices associated with this Enforcement Proceeding:
03/03/21IIROC Begins Disciplinary Action Against Former Thornhill Investment Advisor Mark OdoricoType: Enforcement NoticeSubtype: Hearing
05/10/21IIROC Begins Disciplinary Action Against Former Thornhill Investment Advisor Mark OdoricoType: Enforcement NoticeSubtype: Hearing
08/26/21IN THE MATTER OF Mark Odorico – AdjournmentType: Enforcement NoticeSubtype: Hearing
11/09/21IN THE MATTER OF Mark Odorico – AdjournmentType: Enforcement NoticeSubtype: Hearing
01/27/22IN THE MATTER OF Mark Odorico – AdjournmentType: Enforcement NoticeSubtype: Hearing
04/27/22IIROC Hearing Panel Finds Mark Odorico LiableType: Enforcement NoticeSubtype: Decision
05/03/22IIROC to Hold Penalty Hearing for Mark OdoricoType: Enforcement NoticeSubtype: Hearing