The Investment Industry Regulatory Organization of Canada has fined a former CIBC Wood Gundy broker $140,000 for misappropriating client funds.
In a settlement agreement, Maria Celeste Silvaggio admitted that she misappropriated funds over a period of nearly three years while she was securities representative at a CIBC branch in Montreal.
Specifically, Silvaggio admitted that from January 2005 to December 2007, on several occasions and unbeknownst to the firm, she misappropriated funds belonging to three clients who were also members of her family.
In the settlement, Silvaggio agreed to a permanent ban from approval in any capacity with an IIROC member firm of IIROC and fine of $140,000. She also agreed to pay costs in the amount of $10,000.