The Investment Industry Regulatory Organization of Canada has banned and imposed a $500,000 fine on a former BMO Nesbitt Burns Inc. rep for breaching IIROC rules

Following a disciplinary hearing held in March, an IIROC hearing panel found Sandy Bortolin liable for breach of IIROC by-laws and rules in conducting undisclosed off-shore business activities, engaging in personal financial dealings with clients, facilitating suspicious transactions, and misleading IIROC staff in their investigation of his activities.

In it’s decision dated March 15, the panel found that from 2003 to 2008 Bortolin, while a registered representative with the Toronto branch of BMO Nesbitt, carried on outside business activities and, engaged in personal financial dealings with his clients without the knowledge or approval of BMO Nesbitt, and facilitated suspicious transactions, including insider trading and engaging in money laundering.

The panel also found he misled IIROC staff in their investigation of his activities, hampering the investigation.

The hearing panel imposed on Bortolin a permanent prohibition from registration with IIROC, and ordered him to pay a $500,000 fine. The panel also required him to pay $100,000 in costs.

IIROC formally initiated the investigation into Bortolin’s conduct in February 2009. He is no longer a registrant with an IIROC-regulated firm.