IIROC Sanctions Mark Odorico

July 21, 2022 (Toronto, Ontario) – Following a penalty hearing held on July 15, 2022, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) imposed the following penalty on Mark Odorico:

1. A fine in the amount of $125,000;
2. Disgorgement in the amount of $579,000; and
3. A permanent ban on registration in any capacity.

Mr. Odorico is also required to pay costs in the amount of $25,000.

The Hearing Panel’s penalty decision and reasons will be made available at www.iiroc.ca.

In an earlier decision dated April 7, 2022, the Hearing Panel 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

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.

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