The Securities and Exchange Commission issued an order instituting public administrative proceedings against a former Toronto resident.

The SEC says that it issued an order against Dominique Alvieri, formerly a resident of Toronto and New Jersey. In the order, the Division of Enforcement alleges that Alvieri has been convicted of investment advisory and mail fraud before the U. S. District Court for the Southern District of New York for using fraudulent misrepresentations and omissions of material fact to induce three advisory clients to give him a total of at least US$660,804 to invest on their behalf when, in fact, it alleges that Alvieri misappropriated a substantial portion of the funds for his personal use.

A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the order are true, to provide Alvieri an opportunity to dispute these allegations, and to if any sanctions are necessary.

The commission says that it instituted this administrative proceeding after the District Court entered a final judgment on June 4, sentencing Alvieri to 42 months in prison followed by three years of supervised release and ordering him to pay US$621,804 in restitution. This sentence followed Alvieri’s guilty plea to three felony counts of investment advisory fraud and one count of mail fraud.