A former financial advisor from Nanaimo has been fined $1 million after misappropriating money from clients who were elderly and ill.
A panel of the Canadian Investment Regulatory Organization, which oversees financial service providers, deemed that Michael Rowland Tomkins took part in actions detrimental to the public interest when he misappropriated funds from clients over five years. A $1-million fine was issued and he was ordered to pay back close to $1.3 million.
According to an agreed statement of facts, between February 2019 and July 2023, Tomkins, who was a registered representative with Assante Capital Management Ltd., dishonestly took close to $1.7 million from two clients, described in the ruling as “elderly and vulnerable, with noted health concerns.” Of that sum, approximately $418,000 was returned to one client.
Tomkins committed the fraud utilizing electronic money transfers and cheque and bank draft deposits, the regulatory body said in its ruling.
“He was able to misappropriate the funds by deceiving both the clients and his employer. He did this by providing fabricated or inaccurate information to both the clients and his employer, including fabricating investment vehicles, fabricating investment portfolio summary reports, and fabricating client transactions,” the panel stated.
Transgressions came to light in October 2023 and Tomkins has not been working at any regulated firm since. That November, he admitted to wrongdoing in writing to the regulatory body.
The panel said Tomkins’s actions “fall at the most serious end of the spectrum,” noting the large amount of money and the clients’ age and health issues. He deceived both his clients and his employer, the ruling stated.
Tomkins also misappropriated close to $6 million from five clients between 2007 and 2023. Close to $1.7 million of that was returned, while $4.3 million has not, according to the statement of facts.
The hearing took place March 25 in Vancouver and the decision was issued April 29.
Tomkins received a lifetime ban from working, in any way, with a Canadian Investment Regulatory Organization-regulated firm.
