A former CIBC World Markets Inc. registered rep is facing seven fines totalling $100,000 from the Investment Industry Regulatory Organization of Canada for unauthorized transactions, misleading clients and other violations.

Following a disciplinary hearing in February, an IIROC hearing panel imposed the fines against Robert Mortimer Phillips for violations that occurred between 2000 and 2006, when he was a registered representative at the Montreal branch of CIBC World Markets Inc. Phillips is no longer a registrant with an IIROC-regulated firm.

The hearing panel found that Phillips made unauthorized transactions in a client’s account, which resulted in a gross loss of $39,000.

He also effected dozens of discretionary trades in non-discretionary client accounts without written authorization from the clients, and personally covered losses caused by these discretionary trades, according to IIROC.

The hearing panel also found that Phillips led a client to believe that she was still receiving income from a $100,000 bond, when he knew that the bond had been sold. In addition, he used the bond to cover certain discretionary trades effected in the client’s account without her knowledge or consent, and injected personal funds into the account to cover the losses caused by his discretionary trading, IIROC said.

Phillips also falsified the signature of a client on an account guarantee agreement, the panel found. Lastly, it said he gave a client his personal guarantee concerning the results of trades in a position, then reimbursed the client with personal cheques to cover the losses that resulted from the trades.

In addition to the $100,000 in fines, IIROC ordered Phillips to pay $25,000 in costs, and permanently prohibited him from approval in any capacity with an IIROC-regulated firm.

IE