A hearing panel of the Investment Dealers Association of Canada has permanently banned an Ontario broker and fined him $1.3 million for misapproriating client funds.


Robert Ernest Leo Hart was an approved person with the 200 King St. W. office of CIBC World Markets Inc. in Toronto.

Following a disciplinary hearing held on January 10, the panel found that during the periods of April 2002 and May 2004, Hart fraudulently misappropriated over $800,000 from two client investment accounts.

The panel also found that on or about July 20, 2005, Hart failed to attend and give information in respect of an investigation being conducted by the IDA’s enforcement department.

In adddion to his fine and permanent ban, Hart must also pay $40,797 in costs.

CIBC World Markets has reimbursed both clients for their losses.

The IDA says Hart has made no efforts to reimburse either the CIBC or the clients.

Hart had no previous disciplinary history. He has not been registered with the IDA since Feb. 15, 2005.

The IDA says it was advised by Toronto Police Services that Hart was arrested on Oct. 22, 2005 and is appearing before the Ontario Court of Justice on criminal charges of fraud over $5,000 and uttering a forged document in relation to the same conduct.

For a complete summary of facts, please see IDA Bulletin 3513.