Advisor used fabricated investment reports while working at Assante Capital in Nanaimo, British Columbia
The Canadian Investment Regulatory Organization (CIRO) accepted a settlement agreement with Michael Rowland Tomkins on March 25.
He admitted to misappropriating client funds and engaging in conduct that CIRO considered detrimental to the public interest.
Tomkins admitted to misappropriating approximately $1,688,500 from two elderly and vulnerable clients between February 2019 and July 2023.
According to the settlement agreement, he returned $418,103.50 to one client, leaving approximately $1,270,396.50 unreturned.
These funds were used for his personal benefit, including unsuccessful speculative investments.
CIRO found that Tomkins deceived both his clients and his employer, Assante Capital Management Ltd., by providing inaccurate and fictitious information.
He fabricated investment vehicles, client transactions, and portfolio summary reports to obtain control over the funds and reduce detection.
From 2007 to July 2023, Tomkins misappropriated a total of approximately $5,996,992.21 from five clients, of which only $1,692,421.98 was returned.
Four of the clients have been reimbursed by his former employer, while one has taken legal action against both Tomkins and the firm.
Tomkins worked as a Registered Representative with Assante at its Nanaimo, British Columbia branch.
He resigned from the firm on October 18, 2023, after a client notified him they were transferring their investments. He has not been employed in the securities industry since and is no longer registered in any capacity.
The hearing panel ordered a fine of $1,000,000, a disgorgement of $1,270,396.50, and costs of $10,000.
Tomkins is permanently banned from approval or employment with any CIRO-regulated firm.
Tomkins admitted to the misconduct in a signed letter dated November 28, 2023, and under oath during a CIRO interview in September 2024.
