(April 24 – 12:10 ET) – Vancouver’s city treasurer has been fired for embezzling money through his CIBC Wood Gundy Securities account reports the Vancouver Sun.

According to the newspaper, Sandy Maddalena was fired after city officials alleged he misappropriated nearly $112,000 by wiring money from the city’s own accounts to his CIBC Wood Gundy account. The city also obtained a court injunction to freeze funds in the securities account.

The paper says that court documents allege he obtained $111,978.61 “by fraud, theft or conversion” from the city of Vancouver’s cash account by transferring it to his CIBC Wood Gundy Securities account in Toronto. “The city of Vancouver does not have any CIBC Wood Gundy Securities accounts, much less such accounts in the name of Sandy Maddalena,” acting city manager Brent MacGregor stated in an affidavit.

MacGregor stated in his affidavit that he first became aware of the possible fraud when the city’s bank, the Bank of Montreal, informed him on April. BMO told MacGregor that $2,500 had been transferred from the city’s cash account to the CIBC Wood Gundy account on March 30. On April 19, BMO advised there had been three other transfers to the CIBC Wood Gundy account: $5,220.42 on March 16, another $15,000 on March 30, and $89,258.21 on April 6.

The case has been turned over to Vancouver police. It will also likely be raising questions about the adequacy of CIBC’s anti-money laundering controls and CIBC Wood Gundy’s know-your-client procedures.