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by Mike Caswell

The Canadian Investment Regulatory Organization has permanently banned Josephine Sudario, a former employee of PFSL Investments Canada Ltd. (better known as Primerica), for misappropriating money from clients, including one who was vulnerable and receiving disability payments. Ms. Sudario's misconduct involved lying, deception, fraud and abuse of clients' trust, CIRO has determined. Among other things, she told clients that she needed to send money overseas in order to receive a $6-million inheritance, CIRO found.

The penalties for Ms. Sudario are contained in a decision that CIRO released on Friday, June 12. In addition to the permanent ban, CIRO has ordered her to pay $600,000, with that amount comprising disgorgement of $260,972 in gains plus a $339,028 fine. On top of that, she must pay $15,000 in CIRO's costs.

The penalties arise from a scheme in which CIRO said that Ms. Sudario misappropriated money from clients in 2023 and 2024. The clients included one only identified as "CM," who was vulnerable and 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. CM initially refused, but later agreed to a loan, nearly all of which remains outstanding, according to CIRO.

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