Following a disciplinary hearing held February 28, 29 and March 1, 2012, an IIROC hearing panel found Sandy Joseph Bortolin liable for his breach of IIROC Dealer Member Rule 29.1. He engaged in undisclosed financial dealings and misled IIROC staff in their investigations.
Specifically, Bortolin conducted undisclosed offshore business activities, engaged in personal financial dealings with clients, and facilitated suspicious transactions, including insider trading and money laundering.
Bortolin contravened IDA By-law 29.1 and IIROC Dealer Member Rule 29.1 by committing the following violations:
From as early as 2003 and continuing until 2008, Bortolin:
(a) carried on outside business activities without the knowledge or approval of his member firm;
(b) engaged in personal financial dealings with his clients without the knowledge or approval of his member firm;
(c) facilitated suspicious transactions; and
(d) misled IIROC staff in their investigation of his activities, hampering the investigation.
Bortolin is permanently prohibited from registration with IIROC and was fined $500,000. He’s also required to pay costs in the amount of $100,000.
IIROC formally initiated the investigation into Bortolin’s conduct in February 2009. The violations occurred when he was a registered representative with the Toronto branch of BMO Nesbitt Burns Inc., an IIROC-regulated firm. Bortolin is no longer a registrant with an IIROC-regulated firm.
Read the penalty summary.