A Canadian lawyer in hot water with the SEC for an alleged “money pass” of $390K is also facing disciplinary action by the Law Society of BC for misappropriation of client funds.
On Friday, U.S. regulator announced its case alleging John Briner’s MetroWest firm and Tech Power engaged in an illegal “pass" of funds, moving at least $390,000 from one player to the next by fictitious transactions and non-competitive trading.
But Briner is facing more troubles here at home, from the Law Society of British Columbia.
Last month it found that Briner had:
(a) misappropriated $50,439 from a client trust funds
(b) failed to cooperate with the Law Society into an investigation; and
(c) breached the trust accounting rules set out in the citation.
In short, the Panel found that in each case (Briner) had committed professional misconduct.
“There has been no rational explanation for the transgressions relating to misappropriation of the Client’s Funds,” reads the Law Society’s panel fact and determination report, dated March 31, 2015.
The Respondent has had ample opportunity to provide an explanation to the Law Society but has declined to do so.”
Back in the States, Briner was suspended from practising before the commission for five years back in 2010.
In its current complaint, the CFTC alleges that over seven consecutive trading days in early 2014, the defendants engaged in 624 trades between a MetroWest account and a Tech Power account that involved 1,248 perfectly matched pre-arranged, non-competitive transactions in single stock futures contracts that are listed on OneChicago.
The CFTC is seeking funds disgorgement, civil monetary penalties, trading and registration bans, and permanent injunctions against further violations.