Hearing Notice – IN THE MATTER OF Mark Odorico – Review

TORONTO, Feb. 7, 2024 /CNW/ – The decisions of a hearing panel of the Canadian Investment Regulatory Organization (CIRO) pursuant to the Investment Dealer and Partially Consolidated Rules in the matter of Mark Odorico were reviewed by the Capital Markets Tribunal of the Ontario Securities Commission on March 7, July 18 and November 29, 2023.

The Capital Markets Tribunal released its decisions on October 13, 2023 and January 25, 2024. It upheld the CIRO hearing panel’s decisions except the finding that Mark Odorico misappropriated $150,000 from two clients. The Capital Markets Tribunal ordered that the disgorgement ordered by the CIRO hearing panel be reduced by $150,000 and the amount of the fine for that contravention be varied from $50,000 to $40,000.

CIRO Enforcement Staff has 30 days from the release of the Capital Markets Tribunal’s decision to advise the parties and the Capital Markets Tribunal of any decision to reconsider in a new hearing the allegation of the misappropriation of the funds from the two clients, failing which this allegation shall be dismissed.

The Capital Markets Tribunal also ordered that the transcript of the confidential portion of the March 7, 2023 hearing be made public with certain redactions.

The Capital Markets Tribunal’s decisions are available at Odorico (Re), 2023 ONCMT 34 and Odorico (Re), 2024 ONCMT 5.

The CIRO hearing panel’s decisions are available at Re Odorico 2022 IIROC 06 and Re Odorico 2022 IIROC 21.

The conduct occurred while Mark Odorico was a Registered Representative with a Thornhill branch of CIBC World Markets Inc. Mr. Odorico is no longer a registrant with a CIRO-regulated firm.

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.

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)