Following an investigation, we found a tax agent engaged in conduct which breached item 1 (you must act honestly and with integrity) of the Code of Professional Conduct (Code). The agent misappropriated over $350,000 of client funds over a 12 month period. We also found that the agent was no longer considered to be a fit and proper person to remain registered.

In deciding the appropriate sanction to impose on the agent, the Board Conduct Committee (BCC) noted that the agent exhibited a high level of dishonesty and significant lack of integrity. The agent was a principal at a firm and held a position of trust and had betrayed the trust of clients and colleagues. Since the Board’s role is to ensure consumer protection and to protect and maintain the integrity of the tax profession, the BCC decided to terminate the agent’s registration and impose the maximum period of 5 years during which the agent is prohibited from applying for registration.