A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has levied a four-year suspension and a $50,000 fine against an advisor for paying money to clients without the knowledge or approval of his dealer, Global Maxfin Capital Inc.

The panel said Alberto Storelli also created and gave clients an account statement that was not authorized by his dealer, made misrepresentations and failed to co-operate with IIROC staff.

In addition to the fine and suspension, Storelli was levied $10,000 for costs.

Storelli is no longer a registrant with an IIROC-regulated firm.