(March 12 – 18:40 ET) — Former First Marathon broker Michael Holoday was sentenced today to seven and a half years in prison. He was also ordered to pay over $6 million in restitution to former clients.

On February 5, 2001, Holoday was found guilty of criminal charges relating to his dealings with clients back in the early 1990s.

In 1999, the Investment Dealers Association commenced discipline proceedings against Holoday. In December 1999, Holoday decided not to oppose certain allegations made in those proceedings and formally admitted that he had engaged in improper personal lending and borrowing with clients during 1992 to 1994. The Ontario District Council of the IDA banned him for life, the most serious penalty that the IDA can levy.

When the IDA permanently barred Holoday, the hearing of the remaining allegations was adjourned pending the outcome of criminal charges against him. The IDA says that it does not intend to take any further regulatory action against Holoday in the wake of today’s sentencing.

The IDA says its enforcement staff are of the view that a hearing of the remaining allegations against Holoday, “would be redundant and unnecessary in light of the findings of guilt on the criminal charges.” It also won’t pursue a hearing after he’s released from prison.