The federal investment regulator is poised to proceed with punishment against a former St. John’s financial advisor.
54-year-old Joan McCarthy is accused of stealing almost 800 thousand dollars from six elderly clients.
The Investment Industry Regulatory Organization of Canada — or IIROC for short — has been trying to get to the bottom of this case for two years now.
Irregularities first came to light in September of 2019, followed by repeated requests for McCarthy to provide documents and appear before the regulator to answer to the allegations.
But to date, officials have heard and received nothing from her or her lawyer.
That includes a no-show at a disciplinary hearing in July.
In an emailed statement to VOCM News, the regulator says given the absence of co-operation to date, they do not expect anything different at the next hearing on Oct. 28th — which also happens to be McCarthy’s next court date on related criminal charges .
She faces 24 counts of fraud over 5 thousand dollars, forgery, uttering forged documents and possessing property obtained by crime.
It’s alleged she redirected clients’ funds to her own bank account by forging their signatures.
McCarthy’s lawyer, John Duggan, alluded to a possible plea bargain in court, noting she’s seeking, quote, “a resolution other than trial.”
Meanwhile, the regulator says they can proceed with sanctions against McCarthy after the next hearing whether she shows up or not.