This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The Canadian Investment Regulatory Organization has permanently banned Lucie Roland, a former National Bank Financial Inc. employee who facilitated unauthorized withdrawals from the accounts of elderly clients in 2021. CIRO said that Ms. Roland allowed withdrawals to occur after receiving requests from unknown e-mail addresses purporting to be the clients. She transferred client money to third parties without doing anything to verify the requests, according to CIRO.

The ban for Ms. Roland is contained in a decision that CIRO released on Monday, Oct. 28. In addition to permanently barring Ms. Roland from the industry, CIRO has ordered her to pay a $10,000 fine. She must also pay $10,000 in regulatory and hearing costs.

The penalties arise from a case in which CIRO accused Ms. Roland of transfers involving the accounts of three clients, aged 72, 76 and 85. CIRO said that Ms. Roland initiated transfers in the accounts of the clients in September, 2021, based on instructions that she received through e-mail. The e-mails came from addresses that resembled those of the clients, but were different from the addresses in National Bank's records, CIRO claimed.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS