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by Mike Caswell

Former RBC Dominion Securities Inc. employee Andrew Munro has accepted a five-year ban and agreed to pay $100,000 to settle a case he faced from the Canadian Investment Regulatory Organization over falsified portfolio values. CIRO claimed that Mr. Munro ran a scheme in which two clients received information that showed their portfolios were worth far more than the actual value, in one case by $7.4-million. Mr. Munro falsified the figures after a client expressed disappointment with his returns.

The penalties for Mr. Munro are contained in a settlement agreement that CIRO released on Tuesday, Feb. 18. In addition to the $100,000 fine, Mr. Munro has agreed to pay $5,000 in CIRO's costs. The five-year ban applies to working in any registered capacity. In agreeing to the penalties, Mr. Munro has admitted to the violations, at least for the purposes of settling the case.

The scheme, as set out in the settlement, goes back to 2021. One of Mr. Munro's clients, who was over the age of 60, sought biweekly updates on his portfolio in June of that year. The updates were to include the total market value of his investments as well as those of his spouse.

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