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
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
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
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