Nfld. & Labrador

Former investment advisor Joan McCarthy facing 24 criminal charges

McCarthy's first appearance on the two dozen counts is set for Tuesday morning at provincial court in St. John’s.

Allegations include fraud, forgery and possession of property obtained by crime

The first appearance for Joan McCarthy on two dozen charges is scheduled for Tuesday morning at provincial court in St. John's. (Terry Roberts/CBC)

A former Newfoundland investment advisor is facing two dozen criminal charges, related to allegations of fraud and forgery.

Joan McCarthy, 53, is set to make a first appearance on the charges Tuesday morning at provincial court in St. John's.

That's just two days before McCarthy is scheduled to face separate disciplinary proceedings by the regulator that oversees all investment dealers in the country.

The Investment Industry Regulatory Organization of Canada, or IIROC, has accused McCarthy of falsifying signatures and appropriating $775,000 from the accounts of six elderly clients over a 13-year period.

The criminal charges span the same time frame, from 2006 to 2019, and the same number of alleged victims.

McCarthy is facing 24 counts in total — six each of fraud over $5,000, forgery, using a forged document, and possession of property obtained by crime.

According to IIROC, McCarthy was employed by MD Management Limited at its St. John's branch from 2000 through March 2019, and has not worked for a regulated firm since.

On Monday afternoon, IIROC officials gave an evolving series of updates to CBC News on what is expected to happen when McCarthy appears before the regulator later this week.

There will be a brief public initial appearance, that will mainly consist of the parties and the panel deciding on dates.

After that concludes, the proceedings will move behind closed doors, for a prehearing conference.

IIROC's allegations against McCarthy have not yet been proven.

At this point, she hasn't had the opportunity to enter a plea to the criminal charges.

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