HALIFAX, NS, June 19, 2025 /CNW/ - Following a disciplinary hearing held on June 2, 2025, at which an Agreed Statement of Facts was provided, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules found that Michael Rolland Smith:
(a) misappropriated monies from a client or otherwise obtained monies from a client, some or all of which were not repaid,
(b) changed the designated beneficiary for a client's mutual fund accounts to family members, and
(c) failed to cooperate with an investigation into his conduct by CIRO Staff.
The hearing panel imposed the following sanctions on Michael Smith:
(a) a global fine of $1,509,879.41
(b) a permanent prohibition from conducting securities related business in any capacity while in the employ of or associated with any Dealer Member of CIRO.
Michael Smith will also pay costs of $20,000.
The hearing panel's reasons for decision will be made available at www.ciro.ca.
The Agreed Statement of Facts is available at:
Smith, Michael – Agreed Statement of Facts
At all material times, Michael Smith conducted business with Investors Group Financial Services Inc. in the Amherst, Nova Scotia area. Michael Smith is not currently registered in the securities industry in any capacity.
The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.
All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website.
Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.
CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
SOURCE Canadian Investment Regulatory Organization (CIRO)
Media Inquiries: Ariel Visconti, Senior Corporate Communications and Public Affairs Specialist, [email protected] / 416-526-8240, All other Inquiries: Complaints & Inquiries, Secure form (https://www.ciro.ca/complaint-and-inquiry-submission-secure-form), Email to [email protected], Toll-free (Canada/US) 1-877-442-4322
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