CIRO Hearing Panel issues their reasons for decision in the matter of Carren Au

24-0212
Type:
Decision Notice
Rulebook connection
MFDR

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Toronto (Ontario) – July 8, 2024 – 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.

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24-0212
Type:
Decision Notice
Rulebook connection
MFDR

Contact