CALGARY, AB, Feb. 5, 2026 /CNW/ - The Alberta Securities Commission (ASC) has permanently banned Michael Rowland Tomkins from participating in Alberta's capital market after he was sanctioned by the Canadian Investment Regulatory Organization (CIRO) for misappropriating client funds.

Tomkins entered into a settlement agreement with CIRO in February 2025, in which he admitted to misappropriating $1,688,500 from two clients between February 2019 and July 2023 while he was a registered representative with CIRO. In the settlement agreement, Tomkins admitted that he used the misappropriated funds for his personal benefit and he deliberately deceived his elderly and vulnerable clients, as well as his employer, by providing fabricated or inaccurate information to avoid detection. He also admitted that his actions contravened CIRO requirements by engaging in business conduct or practice that was unbecoming or detrimental to the public interest. A CIRO hearing panel ordered sanctions against Tomkins, including permanent bans from his registration and employment in the industry as well as the payment of a fine, disgorgement of the misappropriated funds, and costs.

When considering the matter under the Securities Act (Alberta), an ASC panel noted that Tomkins' misconduct "was particularly egregious" and he "intentionally enriched himself by embezzling large sums entrusted to him by susceptible clients." The panel also stated that "the seriousness of his misconduct is aggravated by his disregard of his professional responsibilities to act with honesty, integrity and proficiency, thereby undermining the public trust placed in registrants."

On February 4, 2026, an ASC panel ordered that Tomkins:

• must permanently cease trading in or purchasing any securities or derivatives, and that all exemptions contained in Alberta securities laws do not apply to him;
• is permanently prohibited from becoming or acting, as a director or officer of any issuer, registrant, investment fund manager, recognized exchange, recognized self-regulatory organization, recognized clearing agency, recognized trade repository, designated rating organization, designated information processor, recognized quotation and trade reporting system or designated benchmark administrator; and
• is permanently prohibited from engaging in investor relations activities, advising in securities or derivatives, becoming or acting as a registrant, investment fund manager or promoter, and acting in a management or consultative capacity in connection with activities in the securities market.

A copy of the decision is available on the ASC website at asc.ca.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE Alberta Securities Commission (Marketing)