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by Mike Caswell

The Canadian Investment Regulatory Organization has begun proceedings against Harbourfront Wealth Management Inc. employee Justin Toevs, citing him for placing retired or nearly retired clients into investments that were speculative, highly concentrated and volatile. Over a period of about four years, he inflicted losses that CIRO calculates to be $1.1-million. With one client, the losses amounted to more than half of the value of the client's portfolio, CIRO says.

The allegations are contained in a notice of hearing that CIRO released on Thursday, Sept. 24. The sole respondent is Mr. Toevs, who has been in the industry since at least 2009 and has worked at Harbourfront since November, 2017. He remains employed at the firm.

The case centres around the accounts of six clients, with CIRO claiming that Mr. Toevs failed to know the clients. The clients had what CIRO says was limited investment knowledge and relied on him for advice. Despite that, Mr. Toevs pursued an "aggressive and volatile investment strategy which involved significant allocation to higher risk securities primarily in the transportation and technology sectors."

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