After admitting that he misappropriated funds from two different client accounts, Domino Au-Young, a former National Bank Financial Ltd. representative, entered into a settlement agreement with the Canadian Investment Regulatory Organization (CIRO), wherein he is permanently barred from registration in any capacity. Au-Young must also pay a fine of $125,000 and costs in the amount of $7,500.
In addition to the misappropriation, he used WeChat to communicate with clients, even after being instructed not to by his firm, and failed to seek approval from his firm for outside business activities. Au-Young was and is a shareholder and director of an outside unnamed private company.
Working in the securities industry since 1995, Au-Young was employed by National Bank Financial from January 2012 until May 2020 when he was terminated for cause. He was then a registered representative for Echelon Wealth Partners Inc. from October 2020 until November 2022, but is not currently registered with the regulator.
In May 2018 and again in December 2019 Au-Young misappropriated $45,000 from one client’s U.S. dollar account and $30,000 in Canadian dollars from another client’s account using falsified letters of direction instructing the firm to issue third party cheques payable to a local bullion and currency exchange where Au-Young then had amounts transferred into his own bank account.
In a sworn statement with the regulator and during the firm’s internal investigation, he maintained that he gave the money to his clients outside of the exchange, “which was a false statement,” the settlement agreement states. The firm has since settled with Au-Young and repaid the clients.
