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by Mike Caswell

The Canadian Investment Regulatory Organization has permanently banned former PFSL Investment Canada Ltd. employee Omadai Sukhai, also known as Amy Sukhai, over money that she borrowed from a vulnerable, elderly client. CIRO claims that Ms. Sukhai's borrowing amounted to nearly half of the client's portfolio. Ms. Sukhai told the client that she would repay the money with interest of 12 per cent, but the client received nothing, CIRO says.

The ban for Ms. Sukhai is contained in a decision that CIRO released on Monday, Feb. 12. A three-member panel has permanently barred her from working in a registered capacity. In addition, the panel has ordered her to pay a $213,509 fine and $10,000 in CIRO's costs.

The violation, as set out in Monday's decision, stems from a client who had retired from his job at a warehouse in 2016. He had a low level of investment knowledge and his wife had died in July of that year, the decision states. Around the time that he retired, he opened an account at PFSL and invested his retirement savings, amounting to $311,000, into that account. According to CIRO, Ms. Sukhai was aware that the client was dependent on his investments to pay his bills in retirement.

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