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by Mike Caswell

The Canadian Investment Regulatory Organization has begun proceedings against Christina Cole, a former BMO Investments Inc. employee in the small B.C. town of Squamish, for misappropriating client money. According to CIRO, Ms. Cole moved money from the accounts of two recently deceased clients, first routing it through a general account at BMO. She was caught when BMO started looking into a bank draft she had used, CIRO says.

The allegations are contained in a notice of hearing that CIRO released on Wednesday, June 3. The sole respondent is Ms. Cole, who had been working at BMO since November, 2020. The firm fired her on Jan. 9, 2024, in part over the misappropriation allegations.

The case, as set out by CIRO, arises from the account of a client, only identified as "WA," who died on Oct. 10, 2023. About two weeks after the client's death, Ms. Cole booked an appointment with the executor of the client's estate, the notice states. The next day, she redeemed investments totalling $24,258 in the client's account and moved the money to a suspense account used by her branch, CIRO says.

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