Two B.C. investment reps banned and fined over $217,000

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Two B.C. investment reps banned and fined over $217,000
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Stockbrokers, investment representatives and mutual fund dealers are not allowed to solicit loans from clients or misappropriate money into their personal accounts.

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Two B.C. investment representatives have recently been banned from their respective industries and fined a total of $217,500 for misappropriating client funds and then misleading regulators.

The misappropriation took place in part due to forged signatures on cheques and fraudulent authorization letters, according to the CIRO settlement agreement. Au-Young is now banned permanently from the securities industry in any capacity and was issued an administrative fine of $125,000, plus costs of $7,500.

Victoria mutual fund dealer banned after soliciting personal loans CIRO, via MFDA, also announced significant penalties against Victoria mutual fund dealer Brent Polischuk, on Nov. 2. The client told Sun Life Polishuk had told the client he was using the money for a real estate investment.

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