The Ontario District Council of the Investment Dealers Association of Canada has imposed a lifetime bank on a former Toronto broker and fined him $410,000 for misappropriating client funds, issuing fictitious account statements and engaging in unauthorized trading.

Paul Bishop was a registered representative in the Toronto offices of CFG Financial Group Inc., and its predecessor firms (LFG Futures Canada Inc. and CFG Futures Canada Inc.

Prior to the commencement of the disciplinary hearing held on April 19, Bishop acknowledged that he engaged in several instances of conduct unbecoming.

Bishop admitted that he misappropriated funds from six clients, issued fictitious account statements to six clients, engaged in unauthorized trading, and compensated a client for trading losses without the firm’s knowledge. He also admitted to effecting trades for a client account on instructions from a third party without written authorization.

The IDA has permanently prohibited Bishop from acting in any registered capacity with the association, fined $410,000, and ordered to disgorge his commissions of $450.82.

The District Council also ordered Bishop to pay Association costs in this matter in the amount of $39,816.25.

A complete summary of facts is included with IDA Bulletin 3276.