Former advisor Omer Naek will no longer be able to conduct business with a Dealer Member accredited by the Canadian Investment Regulatory Organization (CIRO). The organization also fined him $100,000.

The respondent must also disgorge $59,151, which represents the outstanding balance owed to the financial institution where he worked, which compensated clients or their estates. These amounts totaled CA$204,000 and US$15,000. He is also required to pay $5,000 in costs.

At a pre-hearing conference held on August 12, 2025, the hearing panel determined that the respondent had made unauthorized transfers and misappropriated funds belonging to three of his clients, who were either vulnerable seniors or deceased at the time the unauthorized transfers or misappropriations occurred.

These actions, which contravene Rule 1400 of the Investment Dealer and Partially Consolidated Rules, took place between May 2020 and August 2021.

At the time of the events, the respondent was working in the financial services firm of a banking institution in Dollard-des-Ormeaux, Quebec. He does not currently hold a valid registration. He has not been employed by or registered with a CIRO dealer member since November 2021. In Quebec, his certificate number is 202506, while his dealer license number is 3056511.

Joint Recommendation

The hearing on the sanction before the CIRO hearing panel took place on November 17, 2025. The Insurance Portal attended. The respondent was absent but was represented by Laura Trépanier.

The lawyer responsible for enforcing the rules, Thomas Grenier, stated that the parties had agreed on a joint sanction and the withdrawal of the second allegation included in the initial complaint. The respondent was criticized for his lack of cooperation with CIRO, as he had failed to appear for an interview to which he had been duly summoned.

Grenier added that the panel was not obligated to accept the joint recommendation and could deviate from it. The costs amounted to $179,630 at the time of the November 17 hearing. These would have been much higher if there had been no agreement between the parties, he indicated.

During the hearing presided over by Michel Beaudet, who was accompanied by François Gervais and Yves Ruest, the panel considered the severity of the registration ban and questioned whether the public interest might justify a permanent removal from employment in any capacity for a regulated person, rather than a permanent registration ban with CIRO.

In its judgment published on December 19, the panel specified, however, that it preferred to adhere to the rules established by case law regarding sanctions, which were the subject of a joint recommendation from the parties.

The respondent is thus subject to a permanent prohibition from conducting securities-related business while in the employ of or associated with any Dealer-Member of CIRO. After analyzing the relevant case law, CIRO concludes that it is clear from the cited decisions that misappropriation of funds does not constitute a simple breach of contract or civil law, but an intrinsic violation of the fundamental duties arising from the relationship of trust. The self-regulatory organization adds that such misappropriation must be considered an indicator of permanent moral incapacity.

Among the facts listed in the CIRO’s complaint, it is noted that, starting in July 2020, the respondent used the money misappropriated from his clients to pay the construction contractor who was building the new residence in Notre-Dame-de-l’Île-Perrot, Quebec that he and his spouse had purchased.

Another sanction is forthcoming

On September 25, the Chambre de l’assurance’s disciplinary committee found the respondent, Naek, guilty of the offences mentioned in the complaint filed against him by the plaintiff. The hearing on the sanction took place on January 14, 2026.

In reporting the details of another disciplinary complaint in which Naek's name was mentioned in February 2025, the Portail de l’assurance noted that the respondent presented himself on social media as the president of a firm bearing his name. This firm is still not registered with the Autorité des marchés financiers (AMF).