Assistant busted for ripping off advisors

Following a disciplinary hearing held on February 5, 2013, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC), found that Jordan Rocco Steel misappropriated approximately $40,000 from two investment advisors for whom he worked as a registered assistant.

The hearing panel assessed the following penalties against Mr. Steel:

(a) A permanent ban on approval in any capacity; and

(b) A fine of $100,000.

The hearing panel also ordered Mr. Steel to pay costs in the amount of $8,454.

The panel’s decision dated February 5, 2013 is available here.

IIROC formally initiated the investigation into Mr. Steel’s conduct in December 2011. The alleged violations occurred when he was a Registered Representative with the Vancouver branch of Canaccord Genuity Corp., an IIROC-regulated firm. Mr. Steel is no longer a registrant with an IIROC-regulated firm.

Also read:

IIROC hands down ruling on multiple violations

IIROC studies impact of electronic trading

IIROC issues guidance on deceptive trading

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.