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by Mike Caswell

The Investment Industry Regulatory Organization of Canada has imposed a permanent ban and a $500,000 fine on a former RBC Dominion Securities Inc. employee for misappropriating client money. IIROC said that Shaun Wayne Howell solicited $692,584 from clients and deposited the money into a personal bank account. Many of the clients were long-term personal friends.

The sanction is contained in an agreement that IIROC released on Friday, Dec. 2. It represents a negotiated settlement in which Mr. Howell has admitted to misappropriating the money and to engaging in personal financial dealings with clients. In addition to the $500,000 fine, he has agreed to pay IIROC's costs of $10,000.

Mr. Howell's actions, as described in the settlement, spanned a seven-year period and affected eight clients. Starting in November, 2008, he represented to clients that he had access to attractive investment opportunities. These supposedly included initial public offerings and other new issues.

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