Loan triggers financial misconduct penalties
The Canadian Investment Regulatory Organization (CIRO) has imposed sanctions on former dealing representative David Alan Robertson following a settlement agreement over a conflict-of-interest violation.
In a statement released Thursday, the regulator disclosed that a CIRO hearing panel convened on May 30, 2025, and accepted the settlement, which includes a $10,000 fine and a 12-month ban on conducting securities-related business with any CIRO-regulated mutual fund dealer. Robertson was also ordered to pay $2,500 in costs.
According to the settlement agreement released by CIRO, Robertson admitted to borrowing money from a 77-year-old client in February 2019 without informing his firm, Sun Life Financial Investment Services. The $15,000 loan, taken from the client’s mutual fund account, was undocumented and lacked formal terms. Robertson used the funds for personal expenses and later misrepresented his actions in multiple compliance questionnaires from 2019 to 2022. Robertson resigned from the firm in November 2022.
The loan came to light after a family member and power of attorney for the client discovered the transaction. In response, Robertson repaid the amount in 15 post-dated cheques between March 2023 and May 2024.
The decision and full settlement agreement will be published on CIRO’s website.
CIRO, which oversees all investment dealers, mutual fund dealers, and trading on Canada’s debt and equity markets, emphasized its commitment to investor protection and regulatory integrity. Additional information about disciplinary proceedings and advisor qualifications can be accessed through the organization’s online resources or by calling its public inquiry line.
