The Investment Industry Regulatory Organization of Canada (IIROC) has come to a settlement agreement with an advisor who borrowed $44,000 from an elderly client without the knowledge and consent of his employer, the London branch of Edward Jones.
The advisor, Carlo Michetti, admitted to engaging in personal financial dealings in 2015 and 2016. His penalties include a fine of $15,000; the requirement to rewrite and pass the Conduct and Practices Handbook Examination within one year of any re-registration with IIROC and six months of close supervision upon any re-registration with IIROC. He also agreed to pay $1,000 in costs.
IIROC’s investigation of Michetti began in July 2016. He is no longer a registrant with an IIROC-regulated firm.