Former financial adviser fined $500,000

A Red Deer financial adviser who admitted misappropriating clients’ money was fined $500,000.

A former financial adviser who admitted using his clients’ money for his own use has been fined $500,000.

Shaun Wayne Howell must also pay $10,000 in costs in the settlement reached with the Investment Industry Regulatory Organization of Canada (IIROC).

Howell admits that from 2008 to 2015 he solicited clients to invest in a variety of securities and then misappropriated the money. At the time, he was a registered representative with the Red Deer branch of RBC Dominion Securities Inc., say regulators.

It is alleged Howell convinced his clients, many of them long-time friends, to invest $692,000, which he put into his personal bank account for his own use. He paid out $290,000 to five clients over seven years, telling them it was the return on their investments.

In February, 2013 he also broke the rules when he borrowed $50,000 from a client without the dealer member’s full knowledge.

As part of the settlement, Howell is permanently banned from registering as a financial adviser.

IIROC launched an investigation into Howell’s conduct in March 2015.

Howell, who had worked at RBC since 1999, was fired in March 2015 and no longer works with any IIROC-regulated firm.

pcowley@bprda.wpengine.com

Just Posted

Alberta’s biathlon women sweep the podium

Alberta biathletes take four medals, including silver in men’s race, on Sunday

Red Deer songwriter draws on winter, childhood to write Games closing ceremonies song

Kayla Williams is excited to perform ‘Something Right’ March 2 at the Centrium.

House in Calgary destroyed in fire following apparent explosion, officials say

CALGARY — A house was destroyed when a fire broke out following… Continue reading

Historic win for Team Nunavut at Canada Winter Games

Four years in the making boiled down to a collection of firsts… Continue reading

Historic win for Team Nunavut at Canada Winter Games

Four years in the making boiled down to a collection of firsts… Continue reading

Chicago police: Jussie Smollett assault case has ‘shifted’

Chicago police said Saturday the investigation into the assault reported by Jussie… Continue reading

Still-active human rights case speaks to lasting homophobia in Canada: activists

ST. JOHN’S, N.L. — Just over 14 years ago, the government of… Continue reading

Alberta missionaries among the Canadians heading home from riot-stricken Haiti

MONTREAL — A Canadian couple who had to leave Haiti due to… Continue reading

Man charged in daughter’s death in hospital with self-inflicted gunshot wound: police

Police say a man charged with first-degree murder in the death of… Continue reading

Cabinet expected to extend deadline to reconsider Trans Mountain pipeline

OTTAWA — Canada’s energy regulator will tell the federal government this week… Continue reading

South African activists try to protect endangered pangolins

JOHANNESBURG — As World Pangolin Day is marked around the globe, Saturday,… Continue reading

Fourteen ‘dream’ homes ordered evacuated as sinkholes open in Sechelt, B.C.

Greg and Gerry Latham spent Friday morning scrambling to pack up family… Continue reading

Former B.C. premier Gordon Campbell accused of sexual assault: British newspaper

LONDON — A British newspaper says police in London are investigating an… Continue reading

Most Read