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by Mike Caswell

The Canadian Investment Regulatory Organization has begun proceedings against two former employees of PFSL Investments Canada Ltd. (better known as Primerica) claiming that they misappropriated or "failed to account for" money belonging to clients. CIRO says that the affected clients included one who was receiving disability payments and was vulnerable because of a health condition. Others lost money after a PFSL employee offered "a quick and high rate of return" through investments outside of the firm, CIRO claims.

The allegations are contained in two notices of hearing that CIRO released on Oct. 21 and Oct. 22, 2025. One of the notices is against Josephine Sudario, who worked at PFSL until the firm fired her on March 28, 2024. CIRO identifies her as a branch manager who worked in Woodbridge, Ont.

Ms. Sudario's violations, as set out by CIRO, occurred in 2023 and 2024, and involved a client only identified as "CM." At the time, CM was a vulnerable client who was receiving disability payments. According to CIRO, Ms. Sudario asked CM for a loan, saying that she needed money for tuition fees and for family members overseas. A few days later, she told CM that she needed money for her mother's eye surgery abroad, the notice states. CM initially refused, but later agreed to a loan, nearly all of which remains outstanding, according to CIRO.

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