(February 6 – 11:00 ET) – Former Toronto stock broker Michael Holoday has been found guilty on 14 counts of fraud over $5,000.

The charges stem from his career with Midland Walwyn Inc., now Merrill Lynch Canada, and First Marathon Securities Ltd., now National Bank Financial, back in the early 1990s.

Madam Justice Patricia German of the Ontario Superior Court found against Holoday, 36, yesterday. She found that Holoday traded without authorization, falsified records and misappropriated funds from clients, causing client losses of more than $20 million.

The National Post says the judge rejected Holoday’s argument that he was, “a lousy broker, who believed his own recommendations.” Instead the judge called Holoday’s conduct deceitful, toward both clients and employers.

The Globe and Mail quotes one victim, Helen Rentis, as saying she is “very happy with the verdict.” Although she reportedly blamed the firms involved, saying it is “inconceivable they could have a broker systematically depleting client accounts and not make any inquiries.”

Despite a Crown request that Holoday’s bail be revoked, the judge set a bail hearing for this afternoon, pending sentencing in the case. He represented himself at the trial.

Holoday’s registration was permanently suspended by the Investment Dealers Association last year. He left First Marathon back in 1994.
-IE Staff