The former advisor also falsified multiple documents in order to process the trades so that he could meet his firm’s sales targets and receive higher compensation
At least 60,000 clients were overcharged approximately US$18 million in unauthorized fees, the regulator’s order states
The advisor, who has also fined a minimum of $75,000, did not “deal fairly, honestly and in good faith with [his client],” who was also a childhood friend
Sherry Cheng-Hui Kao borrowed money from clients to speculate in real estate and misled both the clients, and her employer, the ICBC found
Jason Perry Boldt borrowed more than $1 million for clients for an unauthorized outside business activity about which he did not inform his firm
The advisor was also fined $15,000 for showing remorse for his actions by entering into the settlement agreement and immediately paying off the fine and costs
Hearing scheduled for January
Firms sanctioned for failing to protect records from alteration
The firm failed to report to the MFDA suspected prohibited trading activities of one advisor and inadequately supervised the investment recommendations of another advisor
Alberta’s new nine-person Joint Serious Offences Team is modelled on the Ontario Securities Commission’s JSOT and focus on serious frauds