IIROC announces disciplinary decision for Ronald Stoneburg

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-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:

For further information, please contact:

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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