TORONTO, Jan. 17 /CNW/ - A Hearing Panel of the Investment Industry
Regulatory Organization of Canada (IIROC) has found Ronald Stoneburg
misappropriated$350,000 in client funds and forged a client signature.
The penalty against Mr. Stoneburg includes a $425,000 fine and a
permanent ban on conducting securities-related business in any capacity
with an IIROC-regulated firm. The panel has also ordered Mr. Stoneburg
to pay $30,000 in costs. The panel's decision, dated December 15, 2010, is available at www.iiroc.ca.
Specifically, the panel found that Mr. Stoneburg engaged in conduct
unbecoming or detrimental to the public interest, contrary to IIROC Rule 29.1, when he:
misappropriated approximately $150,000 from two clients, a retired
couple who intended to buy an annuity, while he was employed with
Canaccord Capital Corp.;
misappropriated more than $200,000 from approximately 11 clients by
either endorsing their cheques to himself without those clients'
knowledge or consent, or by cashing cheques addressed to him that were
supposed to be used to purchase client investments, while he was
employed with yourCFO Advisory Group Inc.; and
forged the name of a client thereby endorsing the client's cheque to
himself, also while he was employed with yourCFO Advisory Group.
IIROC formally began the investigation into Mr. Stoneburg's conduct on
May 14, 2009. The alleged contraventions occurred between 2006 and 2009
when Mr. Stoneburg was a Registered Representative first with Canaccord
in Ottawa and, subsequently, with yourCFO Advisory Group, both IIROC
regulated-firms. Mr. Stoneburg is no longer a registrant with an
* * *
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:
|For further information, please contact: |
Vice President, Enforcement
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Director, Enforcement Litigation