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by Mike Caswell

The Canadian Investment Regulatory Organization has imposed a six-year ban and a $300,000 fine on Paul Encarnacion, a former employee of PFSL Investments Canada Ltd. who personally received $1-million from an elderly client. CIRO said that Mr. Encarnacion and his wife, who also worked at PFSL, used some of the cash to pay personal loans and credit card debt.

The penalties are contained in a decision that CIRO released on Thursday, Aug. 27. The findings apply to Mr. Encarnacion, who was a branch manager, and his wife, Mari Encarnacion, who was a registered representative. In addition to the six-year ban and $300,000 fine for Mr. Encarnacion, CIRO has ordered Mrs. Encarnacion to pay $100,000 and serve a two-year ban.

The penalties arise from transactions in the accounts of an 85-year-old client identified as "PK." Mr. Encarnacion had known PK since 2007 or 2008 and PK became a client in 2013 when he retired. At the time of the misconduct, which occurred in 2023, PK was living in a retirement home.

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