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by Mike Caswell

The Canadian Investment Regulatory Organization has permanently banned George Abisaleh, a former TD Investment Services Inc. employee, for misappropriating $214,500 from an elderly client. According to CIRO, Mr. Abisaleh moved the money to his own investment account and then used it for options trading. He later attempted to cover up his actions by providing false statements to the person looking after the client's accounts, CIRO says.

The ban for Mr. Abisaleh is contained in a settlement agreement that CIRO released on Wednesday, July 15. The agreement permanently bars Mr. Abisaleh from the industry (or, more officially, from "conducting securities related business in any capacity while in the employ of or associated with any CIRO Dealer Member"). In addition, he must pay a $264,500 fine, plus $10,000 in CIRO's costs. The sanctions represent a negotiated settlement in which Mr. Abisaleh has admitted to his misconduct.

The penalties arise from money that Mr. Abisaleh misappropriated from a client identified as "HA," who was 77 years old at the time. The client was in poor health and began living in a long-term care facility in 2019, CIRO said. Starting in April, 2017, Mr. Abisaleh processed transfers in which he directed money from the client's accounts. Mr. Abisaleh sent the money, in amounts ranging from $5,000 to $79,000, to his own investment account, according to CIRO.

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