IIROC bans former advisor and imposes $500,000 fineBy The IJ Staff | December 20 2017 09:45AM
The Investment Industry Regulatory Organization of Canada (IIROC) announced Dec. 19 that it has permanently banned Vance Virgil Hoshizaki, a former advisor from Thunder Bay. The regulator has also fined Hoshizaki $500,000.
He is also required to pay costs in the amount of $20,000.
Undisclosed outside business activities
In an earlier decision dated Aug. 11, 2017, an IIROC Hearing Panel found that Hoshizaki “engaged in undisclosed outside business activities and personal financial dealings with clients and took money that was entrusted to him by clients for investment purposes and used it personally,” says IIROC.
The regulator formally initiated the investigation into Hoshizaki's conduct in August 2013. The violations occurred while he was a registered representative with the Thunder Bay branch of Assante Capital Management. He is no longer a registrant with an IIROC-regulated firm.