Tuesday, November 29, 2022
HomeWealth ManagementIIROC hits ex-advisor with million-dollar fantastic

IIROC hits ex-advisor with million-dollar fantastic

In keeping with an announcement of allegations, St. Pierre misappropriated roughly $10,403,000 from these purchasers’ accounts. He transferred out a complete of $4,840,000 to outdoors financial institution accounts that he personally owns or controls, utilizing them for his personal profit.

“St. Pierre misappropriated the funds by means of quite a lot of strategies involving unauthorized withdrawals and deposits of financial institution drafts and digital funds transfers,” IIROC stated within the assertion of allegations. “St. Pierre was in a position to misappropriate the funds by deceiving each the Purchasers and his agency by means of the falsification of the Purchasers’ info and information.”

IIROC has additionally imposed a disgorgement totalling $4,840,000 on St. Pierre.

Many of the purchasers concerned have been over 75 years previous and weak. ATB has compensated them in full with respect to the web funds St. Pierre misappropriated, together with alternative prices from missed market beneficial properties, in keeping with IIROC.



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