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 begun proceedings against Abid Hossain, a former TD Investment Services employee, claiming that he misappropriated or failed to properly account for $1-million in client money. CIRO says that Mr. Hossain, who was a branch manager, agreed to help a client hide some assets. Mr. Hossain then moved the client's money through multiple transactions, ultimately denying the client access to the money, CIRO claims.

The allegations are contained in a notice of hearing that CIRO released on Tuesday, Aug. 19. The sole respondent is Mr. Hossain, who had worked at TD since September, 2006. He was also a branch manager from 2014 until TD fired him on Sept. 8, 2020.

The events at issue, as set out by TD, go back to early 2020, when a client met with Mr. Hossain to explain his "personal circumstances." It is not clear what those circumstances were, but according to CIRO Mr. Hossain agreed to help the client hide some money that he held in GICs. At the time, the client's GIC accounts were worth $1,001,456, the notice states.

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