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by Mike Caswell

The Canadian Investment Regulatory Organization has permanently banned Tanziba Tahsin, a former BMO Investment Inc. employee in Toronto, for misappropriating money from the accounts of two elderly clients in 2024. CIRO claims that Ms. Tahsin transferred the money to an account belonging to her spouse before moving it to her own account. BMO quickly discovered the problem and began investigating Ms. Tahsin.

The ban for Ms. Tahsin is contained in a settlement agreement that CIRO released on Wednesday, Aug. 5. The settlement permanently bars her from working in the industry (or from "conducting securities related business in any capacity with any CIRO Dealer Member," in legal speak). The ban represents a negotiated settlement, in which Ms. Tahsin has admitted to the violations.

The circumstances of the case are relatively straightforward. The events at issue, as set out by CIRO, go back to 2024, when Ms. Tahsin began transferring money from the accounts of clients. The first client, identified as "WM" in the settlement, was 81 years old. According to CIRO, "without the knowledge or authorization of client WM," Ms. Tahsin transferred $4,000 from the client's account to the savings account of her spouse. She transferred another $1,500 later that same day, CIRO says.

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