IIROC announces discipline and penalty against Michael Thomas Jones

TORONTO, April 28 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has imposed a penalty on Michael Thomas Jones which includes a permanent ban from registration in any capacity with an IIROC-regulated firm.

The panel's decision, based on an Agreed Statement of Facts and Violations, found Mr. Jones was liable of misappropriating funds from an elderly client and failing to cooperate with IIROC's investigation.

The Hearing Panel imposed the following penalty on Mr. Jones:

  • a permanent ban;
  • a $25,000 fine for misappropriation;
  • $10,000 fine for failure to co-operate; and
  • costs in the amount of $8,000.

Specifically, the panel found Mr. Jones:

  • violated IIROC Rule 29.1 in or about November, 2007 by engaging in business conduct unbecoming or detrimental to the public interest when he misappropriated funds in the amount of $25,000; and
  • violated Rule 19.5 in or about June, 2010 when, as a former registrant of IIROC, he failed to cooperate with an IIROC investigation by refusing to give information.

IIROC began the investigation into Mr. Jones' conduct in April, 2010 after receiving a client complaint, as well as a notice of termination from his employer BMO Nesbitt Burns Inc. The violations occurred when he was a Registered Representative with the Cambridge, ON branch of BMO Nesbitt Burns, an IIROC-regulated firm. He is no longer a registrant with an IIROC-regulated firm.

* * *

IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions and permanent bans or terminations for individuals and firms.

All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website. Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1.877.442.4322.

IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets.

IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian equity marketplaces.

 

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News

For further information:

Jeff Kehoe
Vice President, Enforcement
416.943.6996
jkehoe@iiroc.ca
Elsa Renzella
Director, Enforcement Litigation
416 943-5877
erenzella@iiroc.ca

 


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