A former London investment advisor has been banned for life and fined $280,000 after clients lost over $400,000 of their savings.

A hearing by the Investment Industry Regulatory Organization of Canada (IIROC) ruled that Jeremy Nicholas Drew Austin gave poor advice and made unauthorized trades, leading to the losses.

The IIROC also says Austin engaged in excessive trading with other client accounts, earning substantial commissions for himself and his employers, Edward Jones and Manulife Securities.

The panel permanently banned Austin from the IIROC along with levying fines totaling $280,000.