A hearing panel of the Investment Dealers Association of Canada has imposed discipline penalties on Gregory James Evans, at all material times a registered representative with CIBC Investor Services Inc. in Toronto. Evans was an employee of both CIBC Investor Services and CIBC bank.

Following a disciplinary hearing held on September 19, the hearing panel found that, between December 2004 and November 2005, Evans borrowed funds from a client without the knowledge, consent or authorization of CIBC; misappropriated $55,500 from a client; fraudulently misrepresented to a client that certain funds he provided to her were his repayment of a loan when in fact those funds were withdrawn from her own account; and carried out unauthorized trading in that same client’s account.

CIBC Investor Services discovered the conduct of Evans and reported it to the IDA. CIBC has since recompensed the client for the unauthorized withdrawals from her account and reversed the unauthorized mutual fund trades.

This matter has been referred to the police.

For his misconduct, Evans has been assessed a $100,000 fine; must pay $25,000 in costs; and must disgorge $55,000. In addition, he has been permanently barred from registration with the IDA.

Evans is not currently employed with an IDA Member firm.