The Toronto-based Investment Industry Regulatory Organization of Canada (IIROC) has permanently banned Shelley Blanchard of Ontario from conducting securities related business.
In July 2008, Blanchard, who worked for CIBC Investor Services Inc. at the time, transferred funds out of a client’s account without the client’s knowledge, according to IIROC. In the decision statement, IIROC states that the misappropriated funds are believed to be limited to $35,000.
To date, Blanchard has not returned any of the funds while IIROC is unsure whether or not CIBC has reimbursed the client.
In addition to the ban, Blanchard was ordered to pay $5,000 in costs. No fine was levied.
In regards to not fining the former rep, IIROC’s decision statement says: “The submissions of the enforcement counsel as to the way this matter has proceeded, including the personal circumstances of the respondent [Blanchard], lead the panel to conclude that under these limited circumstances and not as a precedent that no fine is entirely appropriate.”