An Investment Industry Regulatory Organization of Canada hearing panel has found an Ottawa man misappropriated $350,000 in client funds and forged a client signature.

The alleged contraventions occurred between 2006 and 2009 when Ronald Stoneburg was a registered representative first with Canaccord in Ottawa and, subsequently, with yourCFO Advisory Group.

The panel found that Stoneburg:

> misappropriated approximately $150,000 from two clients, a retired couple who intended to buy an annuity, while he was employed with Canaccord Capital Corp.;

> misappropriated more than $200,000 from approximately 11 clients by either endorsing their cheques to himself without those clients’ knowledge or consent, or by cashing cheques addressed to him that were supposed to be used to purchase client investments, while he was employed with yourCFO Advisory Group Inc.; and

> forged the name of a client thereby endorsing the client’s cheque to himself, also while he was employed with yourCFO Advisory Group.

The penalty against Stoneburg includes a $425,000 fine and a permanent ban on conducting securities-related business in any capacity with an IIROC-regulated firm.

The panel has also ordered Stoneburg to pay $30,000 in costs.

IE