A former registrant must also pay $20,000 in costs after admitting to unapproved transactions
The Canadian Investment Regulatory Organization (CIRO) hearing panel found that James O'Reilly violated the Investment Dealer and Partially Consolidated Rules by engaging in personal financial dealings with clients.
Following hearings on October 21, 2024, and January 20, 2025, the panel imposed a three-month bar on his re-registration with CIRO and a fine of $30,000. O'Reilly must also pay $20,000 in costs.
O'Reilly, a former Registered Representative with Assante Capital Management Inc., is no longer affiliated with a CIRO-regulated firm.
According to the panel's findings, he admitted to obtaining $1.6m from three sets of clients during 2021 and 2022, using the funds for real estate development projects without Assante’s approval.
He repaid a total of $1.305m before the final sanctions hearing.
CIRO staff initially sought a disgorgement of $1m, which was later withdrawn after O'Reilly provided evidence that all client funds had been repaid.
The panel concluded that his conduct demonstrated a pattern of misconduct, intentional deception, and failure to comply with regulatory standards.
It determined that a $30,000 fine and a temporary bar from re-registration would serve as appropriate sanctions.
CIRO also addressed the issue of costs, noting that the total cost of investigation and prosecution was $129,856.
While CIRO initially sought $15,000 in costs, the panel ultimately ordered O'Reilly to pay $20,000, considering his delayed cooperation.
The decision, issued on February 5, is documented in Re O'Reilly 2025 CIRO 09.
