A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has found that that an Ontario broker facilitated in a mortgage fraud scheme.
Following a disciplinary hearing held in February of this year, the hearing panel found that Steven Conville participated in and facilitated a scheme in which two friends of his would obtain a mortgage based on fraudulent grounds and use the proceeds to purchase his residence, including preparing false client account statements, to obtain a mortgage.
The violation occurred between March and May 2009, when when Conville was a registered representative with a Markham, Ont. of Macquarie Private Wealth Inc., formerly Blackmont Capital Inc. He is still a registered rep with Macquarie.
The panel’s decision dated June 11, 2012 is available at http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=033FD88E03714C009CA0A9D51E5670CF&Language=en
A separate hearing has been scheduled for November 7 in Toronto to determine the penalty to be imposed on Conville.