A penalty hearing for a former Thunder Bay, Ont., investment advisor, found to have used clients' money for personal reasons, has been scheduled for October.

In a media release issued this week, the Investment Industry Regulatory Organization of Canada (IIROC) stated that a hearing to determine sanctions against Vance Virgil Hoshizaki will take place on Oct. 11 in Toronto.

Hoshizaki was the subject of another IIROC hearing in August, when the organization determined that while working as an investment advisor in Thunder Bay he collected about $536,000 from multiple clients and used the money to invest in personal businesses.

The investments were not disclosed to clients, nor were they recorded on the books of the investment firm he worked at.

The money has not been returned or accounted for.