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by Mike Caswell

The Canadian Investment Regulatory Organization has begun proceedings against Kevin Marleau, a former employee of iA Private Wealth Inc., for misappropriating money from clients. CIRO claims that Mr. Marleau offered clients supposed "private placement employee shares" in iA Private Wealth. He had clients send the money, $903,830 in all, to his personal bank account, according to CIRO.

The allegations are contained in a notice of hearing that CIRO released on Wednesday, Oct. 28. The sole respondent is Mr. Marleau, who worked for iA Wealth from a branch in the B.C. town of Terrace. He had been with the firm since August, 2018, and had worked in the industry since 2004.

The events at issue, as set out by CIRO, go back to April, 2024, when Mr. Marleau began offering his clients a "share purchase opportunity" for purported discounted shares which would supposedly provide a return of 30 to 50 per cent in a short period. In making the offer, Mr. Marleau took steps to hide his actions, using text messages and phone calls originating from his personal phone, CIRO says. He also set up e-mail addresses that appeared to be legitimate in order to communicate with clients, the notice states.

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