IIROC to sanction Vance Virgil HoshizakiBy The IJ Staff | August 29 2017 09:45AM
The Investment Industry Regulatory Organization of Canada (IIROC) hearing panel held on July 18 and 19 has found that Vance Virgil Hoshizaki engaged in undisclosed business activities and personal financial dealings with clients, and took money which was entrusted to him for investment purposes and used it for personal reasons, announced the regulator Aug. 28.
Hoshizaki collected a total of about $536,000 from clients, to be invested in private businesses, but the investments were not recorded on the books of his Dealer Member firm, says IIROC. He never returned the clients’ money, nor did he account for it.
During the time the violations occurred, Hoshizaki was a registered representative with the Thunder Bay branch of Assante Capital Management Ltd., which is an IIROC-regulated firm. He is no longer a registrant with any firm regulated by IIROC.
There will be a separate hearing held to determine the penalty Hoshizaki will face.