Former Nanaimo financial investment professional Michael Tomkins admitted to misappropriating millions of dollars from clients. (Twitter)

By NanaimoNewsNOW staff

Stealing from seniors

Former Nanaimo financial advisor embezzled millions

May 9, 2025 | 2:08 PM

NANAIMO — A since-unlicensed Nanaimo-based wealth advisor pocketed nearly $6 million over several years, which included diverting funds from vulnerable seniors.

A settlement resolution published this week between Michael Rowland Tomkins and the Canadian Investment Regulatory Organization (CIRO), specifically addresses over $1.6 million bilked from two “elderly and vulnerable clients with health concerns.”

The funds were misappropriated by the disgraced Tomkins between 2019 and 2023.

Tomkins, employed with Assante Capital Management Ltd. in Nanaimo at the time, skimmed $1.25 million from one of the elderly clients, with none of those funds repaid.

The other client had most of $438,500 placed in Tomkins’ control returned.

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Unsuccessful speculative investments by Tomkins using some of the funds were an attempt to recoup losses, the CIRO resolution states.

The more than $1.6 million misappropriated from the two clients was pilfered in various ways, according to the CIRO resolution, which followed a March settlement hearing.

“These methods involved the use of cheques, bank drafts and electronic fund transfers. All of the transactions were predicated on inaccurate or fictitious information provided to the clients or Assante by the respondent.”

In October 2023, Tomkins voluntarily resigned from Assante Capital Management.

In an interview last September with CIRO staff, Tomkins admitted he used all of the siphoned-off funds for his own personal benefit.

“The respondent deliberately deceived both the clients and Assante by providing inaccurate or false information to provide himself with greater levels of control and reduce the likelihood of detection,” the CIRO resolution noted.

Tomkins diverted a total of $5.9 million from five clients between 2007 and 2023, with $4.3 million unreturned.

As part of the settlement, he was fined $1 million and will be forced to pay a further $1.2 million in disgorgement, as well as pay $10,000 in costs.

Additionally, one former client has existing civil legal action against Tomkins to recoup lost funds.

Tomkins has been permanently banned from CIRO and regulated firms.

He is not registered in the securities industry in any capacity.

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