Regulator has also banned the Vancouver man for 18 months
A former dealer representative from Vancouver has been fined $30,000 and banned from approval by the Canadian Investment Regulatory Organization for 18 months.
John David Lunam was registered in the securities industry from 1988 until 2022, working for Assante Capital Management from 2000 until his termination in June 2022. On November 20, 2024, a CIRO hearing panel accepted a settlement agreement between Lunam and enforcement staff.
The parties agreed that without firm approval, Lunam facilitated off-book investments in private placements for five companies, involving 19 clients and a total of $316,500. Contrary to his firm’s policies, Lunam mostly used his personal email account for communicating during the transactions including sending documents.
The companies invested in were all associated with Robert Hillis Miller who was described in favourable terms in Lunam’s emails to clients. However, Miller was charged by the SEC for securities violations unrelated to these placements. Lunam continued facilitating investments even after learning of these charges and did not inform Assante.
Lunam did not profit from his role in these transactions, cooperated with the investigation and had no prior disciplinary record.
As well as the ban and financial penalty, Lunam must pay costs of $2,500.
