CIRO Hearing Panel issues their penalty decision in the matter of Paul O’Brian Walker

TORONTO, April 11, 2024 /CNW/ – Following a disciplinary hearing held on December 11, 2023 and January 22, 2024, at which an Agreed Statement of Facts was provided, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules found that Paul O’Brian Walker:

recommended, sold, or facilitated the sale of shares and debentures offered by a company that he incorporated and operated, thereby engaging in securities related business that was not carried on for the account of the Dealer Member or through its facilities,solicited and received money from clients for the purchase of shares offered by a company that he incorporated and operated, which gave rise to a conflict or potential conflict of interest that the Respondent did not disclose to the Dealer Member or otherwise ensure was addressed by the exercise of responsible business judgment influenced only by the best interests of the client,engaged in personal financial dealings with client EL by soliciting and accepting a loan from client EL, which gave rise to a conflict or potential conflict of interest that the Respondent did not disclose to the Dealer Member or otherwise ensure was addressed by the exercise of responsible business judgment influenced only by the best interests of the client, andengaged in outside business activities that were not disclosed to or approved by the Dealer Member.

The hearing panel imposed the following sanctions on Paul Walker:

permanent prohibition of the Respondent’s authority to conduct securities related business in any capacity while in the employ of or associated with any Dealer Member of CIRO that is registered as a mutual fund dealer, anda fine of $1,673,772.

Paul Walker is also required to pay costs in the amount of $15,000.

The hearing panel’s decision dated March 28, 2024, is available at:

Re Walker 2024 CIRO 43

During the period described in the Notice of Hearing, Paul Walker conducted business in the Mississauga, Ontario area.

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.

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.

SOURCE Canadian Investment Regulatory Organization (CIRO)