IIROC reaches decision for Ronald Stoneburg

By Staff | January 17, 2011 | Last updated on January 17, 2011
1 min read

A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has found Ronald Stoneburg misappropriated $350,000 in client funds and forged a client signature.

The penalty against Mr. Stoneburg includes a $425,000 fine and a permanent ban on conducting securities-related business in any capacity with an IIROC-regulated firm. The panel has also ordered Mr. Stoneburg to pay $30,000 in costs. The panel’s decision, dated December 15, 2010, is available at www.iiroc.ca.

Specifically, the panel found that Mr. Stoneburg engaged in conduct unbecoming or detrimental to the public interest, contrary to IIROC Rule 29.1, when he:

  • misappropriated approximately $150,000 from two clients, a retired couple who intended to buy an annuity, while he was employed with Canaccord Capital Corp.;
  • misappropriated more than $200,000 from approximately 11 clients by either endorsing their cheques to himself without those clients’ knowledge or consent, or by cashing cheques addressed to him that were supposed to be used to purchase client investments, while he was employed with yourCFO Advisory Group Inc.; and
  • forged the name of a client thereby endorsing the client’s cheque to himself, also while he was employed with yourCFO Advisory Group.

IIROC formally began the investigation into Mr. Stoneburg’s conduct on May 14, 2009. The alleged contraventions occurred between 2006 and 2009 when Mr. Stoneburg was a Registered Representative first with Canaccord in Ottawa and, subsequently, with yourCFO Advisory Group, both IIROC regulated-firms. Mr. Stoneburg is no longer a registrant with an IIROC-regulated firm.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.