A former mutual fund dealer at a TD Bank (NYSE:TD) branch in Surrey is alleged to have “directed” $152,819 from the account of a 71-year-old client to that of her own and her partner’s, according to a Canadian investment watchdog.
The Canadian Investment Regulatory Organization stated in a May 21 notice it will hold a hearing on July 15 for the allegations it has lodged against former dealer Haimeng Wang.
The circumstances surrounding the money remain unclear since Wang has not co-operated with an investigation by staff at TD Bank and CIRO. There are no explicit allegations of misappropriation or theft.
Between Feb. 1, 2021, and Dec. 20, 2022, Wang was registered as a dealing representative with TD Investment Services Inc.
The hearing notice states client “YW” was a client of the bank whose accounts were serviced by Wang, who also provided banking services to YW.
Wang allegedly used YW’s online banking login and password to access YW’s online banking to add herself and other individuals as bill payees.
Wang then used the login credentials to pay her credit cards, deposit money into her own account, pay her partner’s credit card and deposit money into another individual’s account, according to CIRO’s allegations.
After the bank became aware of the alleged unscrupulous transfers it refunded YW the full amount and launched an investigation into Wang, who allegedly did not co-operate.
On Dec. 20, 2022, Wang resigned as a result of the bank’s investigation and is no longer registered in the securities industry in any capacity, according to the hearing notice.
The regulator appears to be concerned about whether Wang's alleged behaviour is more extensive.
CIRO said in the hearing notice it’s unable to determine the full nature of the alleged conduct owing to Wang’s failure to co-operate with staff.
This includes the “full circumstances” surrounding the transfers, whether the transfers were done with the client’s knowledge and the status of the money obtained, according to the notice.
CIRO said it’s also unclear whether Wang engaged in similar conduct with other clients.
BIV was unable to reach Wang for an opportunity to comment on the hearing notice
