Patrick Cooney, chief executive officer of Winnipeg-based Jory Capital Inc., has been fined and suspended by the Investment Dealers Association of Canada after a hearing panel said his disciplinary history suggests he is “practically ungovernable” in relation to financial compliance matters.

The panel found Cooney permitted improper payments to himself in violation of restrictions placed on his firm under the IDA’s early warning system, which measures a firm’s capital risks.

Cooney received a five-year suspension from working in any capacity where he would have a responsibility for financial compliance. He was also fined $25,000, while Jory Capital was fined $25,000 and Jory’s chief financial officer, Rees Merthyn Jones, was fined $5,000.

Cooney was previously fined and suspended by the IDA on similar charges.