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by Mike Caswell

The Canadian Investment Regulatory Organization has fined and permanently banned Surrey's Haimeng Wang, a former TD Investment Services Inc. employee, over the misappropriation of money from the account of a retiree. CIRO said that Ms. Wang used the client's money to pay her credit cards and to make deposits to bank accounts belonging to her and others. The scheme, which ran for nearly two years, involved $151,895 in client money.

The ban for Ms. Wang is contained in a settlement agreement that CIRO released on Friday, Sept. 4. The regulator has barred Ms. Wang from working in a registered capacity (or from "conducting securities related business in any capacity while in the employ of or associated with any Dealer Member of CIRO"). She must also pay $353,791, comprising disgorgement of $151,895 and a $201,895 fine. The penalties are part of a negotiated settlement, in which Ms. Wang has admitted to the violations.

The case involved transfers from the account of a 71-year-old client, only identified as "YW." Between February, 2021, and December, 2022, Ms. Wang processed several electronic transfers from the client's account, CIRO claimed. The money went to pay Ms. Wang's credit cards and to her bank accounts, or to those of others, according to CIRO. In all, the client incurred losses that CIRO calculated to be $151,895.

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