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by Mike Caswell

The Canadian Investment Regulatory Organization has begun proceedings against John David Lunam, a former employee of Assante Capital Management Ltd., for dealings with a client charged with securities fraud in the United States. CIRO claims that Mr. Lunam failed to tell his firm that the client faced U.S. charges arising from a $1.39-million (U.S.) scheme on the U.S. markets. A jury later found the client liable for securities fraud, among other things, CIRO says.

The allegations are contained in a notice of hearing that CIRO released on May 15, 2024. The sole respondent is Mr. Lunam, who had been registered in the industry since November, 1988. He had been a Vancouver employee of Assante since October, 2000.

The case arises in part from a client that Mr. Lunam took on in March, 2018, with that client being former Vancouverite Robert Hillis Miller. According to CIRO, Mr. Lunam opened an account for a private entity that Mr. Miller controlled. At the time, there were no issues with the account, but Mr. Miller was later charged by the U.S. Securities and Exchange Commission.

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