A financial regulator has fined a Montreal investment planner $100,000 for misappropriating more than $200,000 from three of his clients, including two of whom were dead. The Canadian Investment Regulatory Organization (CIRO), which oversees investment and mutual fund dealers, found that Omer Naek, 34, made unauthorized transfers and misappropriated approximately CDN $204,000 and USD $15,000 from the clients. The offences took place between May 2020 and August 2021 when Naek was registered with TD Waterhouse Canada in Dollard-des-Ormeaux, a suburb of Montreal, and involved clients who were either vulnerable seniors or recently deceased people, CIRO said. In addition to the fine, the regulator has banned Naek from conducting securities-related business and ordered him to pay a disgorgement of $59,151 and $5,000 in costs. On Jan. 2, 2025, Naek was featured in an article in My Business Magazine in which he was quoted as saying, “You could find any broker to handle your investments, but it really should be someone you trust and have a good relationship with – because if you have a good relationship with someone, you’ll feel confident placing your money in their hands and trusting them 100%." TD employee used funds to pay contractor: CIRO According to a decision rendered by the CIRO on Dec. 19, 2025, in one case, Naek opened a bank account on May 29, 2020, in the name of his client, identified as TDT, who had just died two months earlier. Over the next several weeks, he made three transfers of funds from TDT’s bank account to the fraudulent account, “after transferring these funds to TDT’s account with the broker where the respondent was registered,” embezzling CDN $60,000. On June 29, 2020, he withdrew CDN $5,000 from the fraudulent account and USD $5,000 from TDT’s American bank account, the decision said. The next month, he obtained a bank draft for CDN $20,000 from the fraudulent account, “payable to a building contractor from whom the respondent and his spouse were purchasing their new home.” In another case, another client in his 90s, identified as GV, gave Naek two signed blank cheques in order to transfer funds from his personal account and a joint account to accounts held with TD Bank, according to the regulator. “Instead of making these transfers, [Naek] used these two cheques to pay a total of $55,000 (CAN) to the above-mentioned contractor on or around 25 August 2020,” CIRO said. GV died the following month. Between Aug 28, 2020 and Aug. 30, 2021, Naek made unauthorized transfers to the accounts belonging to GV and his spouse, JL, totalling CDN $125,000 and USD $10,000 “and ultimately misappropriated these funds for his own benefit through fraudulent manoeuvres, including opening unauthorized bank accounts in JL’s name and making payments to third parties to whom he was indebted.” CIRO enforcement staff and Naek had agreed on a joint penalty. The regulator stated in its decision that “misappropriating funds is not a simple contractual or civil offence, but an intrinsic breach of the fundamental duties arising from the relationship of trust. Such misappropriation must be considered an indicator of permanent moral unfitness.” Naek has not been employed by or registered with an OCRI member since November 2021.
