This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The Alberta Securities Commission has permanently banned Michael Tomkins, a former Assante Capital Management Ltd. employee who misappropriated $5.9-million from his clients over a 16-year period. The ASC says that Mr. Tomkins's scheme was "particularly egregious," including the deception of elderly and vulnerable clients. The regulator has found that he poses a significant risk to investors and the markets.

The penalties for Mr. Tomkins are contained in a decision that the ASC released on Thursday, Feb. 4. The ASC has permanently barred Mr. Tomkins from serving as an officer or director, engaging in investor relations, and acting as a promoter, among other things. The ASC has also ordered that he cease trading in any securities or derivatives -- essentially banning him from the markets altogether.

The ASC did not hold a hearing for Mr. Tomkins, instead relying on a settlement that he previously entered into with the Canadian Investment Regulatory Organization in which he admitted to the underlying allegations. The scheme, as set out in that settlement, ran from 2007 until July, 2023. According to CIRO, Mr. Tomkins misappropriated money from his clients through cheque deposits, bank drafts and electronic funds transfers, all predicated on inaccurate or fictitious information.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS