(July 19 – 17:00 ET) – The Ontario Securities Commission has issued allegations against former mutual fund dealer Patrick Joseph Kinlin.

On January 10, Kinlin pled guilty in the Superior Court of Ontario to 28 counts of fraud over $5,000. He was sentenced to five years imprisonment and was ordered to make restitution of $12.5 million. The OSC is now seeking a permanent cease trade order against him.

Kinlin was variously registered with Mutual Investco Inc., WealthWorks Financial Inc. and Keybase Investments Inc. until June 22, 1999. He was dismissed from both Mutual and Keybase for cause. The OSC alleges that much of the money he collected from clients “was diverted for his own personal use … to support his own lavish lifestyle”.

When it became obvious that his fraud what about to be discovered in 1999, Kinlin fled to the United States. After he was discovered in Pennsylvania, he was extradited to stand trial.

The OSC hearing will take place at the OSC at 10:00 ET on August 22.
-IE Staff