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by Mike Caswell

The Canadian Investment Regulatory Organization has suspended and fined former RBC Dominion Securities Inc. employee Wei (Wendy) Seto for undisclosed personal financial dealings with clients. CIRO claims that Ms. Seto regularly exchanged physical cash for cheques and other instruments in amounts of thousands or even tens of thousands of dollars. The transactions also involved U.S. currency at times, CIRO says.

The penalties for Ms. Seto are contained in a settlement agreement that CIRO released on Friday, Jan. 30. Ms. Seto has agreed to pay a $75,000 fine plus $5,000 in CIRO's costs. She will also serve a one-month suspension.

The penalties arise from a series of transactions, many involving large amounts of cash, that occurred between December, 2019, and April, 2021. Among other things, Ms. Seto provided clients with Canadian cash in exchange for U.S. money that was electronically deposited in bank accounts she controlled, according to CIRO. She also accepted physical cash from clients and subsequently deposited her own money into the investment accounts of clients, CIRO says.

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