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by Mike Caswell

The Canadian Investment Regulatory Organization has fined and banned Michael Tomkins, a former employee of Assante Capital Management Ltd. who misappropriated $5.9-million from clients. CIRO said that Mr. Tomkins fabricated documents and deceived clients in a scheme that ran for 16 years. The clients were elderly and vulnerable, with "noted health concerns," according to CIRO.

The penalties for Mr. Tomkins are contained in a settlement agreement that CIRO released on Monday, April 7. The agreement includes a permanent ban from approval in any capacity regulated by CIRO. Mr. Tomkins must also pay a $1-million fine and must disgorge $1.27-million in misappropriated money. In settling the case, Mr. Tomkins has admitted to the violations.

The penalties arise from a scheme that 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. In taking the money, Mr. Tomkins deceived clients and his employer, according to CIRO. "He did this by providing fabricated or inaccurate information," CIRO says.

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