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by Mike Caswell

The Canadian Investment Industry Regulatory Organization has scheduled a hearing for Lorne Allison, a former employee of Royal Mutual Funds Inc., over millions of dollars worth of trades that he made using the money of vulnerable clients. CIRO claims that Mr. Allison had retirees move money into on-line trading accounts at other institutions and obtained their login information. He then repeatedly accessed their accounts and executed trades on their behalf in return for a fee, CIRO says.

The allegations are contained in a notice of hearing that CIRO released on April 19, 2024. The regulator names Mr. Allison as an employee of Royal Mutual Funds from January, 2012, until he resigned on Feb. 22, 2021, amidst an investigation into his conduct. He worked from a branch in the Vancouver Island community of Duncan.

The case arises from activity that began in September, 2020, when Mr. Allison recommended that a group of clients open on-line brokerage accounts outside of Royal Mutual. The clients, as described by CIRO, were classified as vulnerable investors. They were between the ages of 64 to 71 and were retired.

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