Canada’s regulator of mutual funds has found a Fraser Valley investment advisor defrauded a retired Langley couple of $258,000; however, RCMP have yet to say whether they are investigating the matter.
At the time, Gill worked in Abbotsford as a licensed insurance broker on behalf of the Canada Life Assurance Company; he had, however, relinquished his seven-year stint as a mutual fund representative in 2008. Although unlicensed to handle investments, Gill was the sole principal of Greynote Group Financial Services, where he would direct the Lapierres to put their money.
Gill “misappropriated or failed to account for monies,” made “false statements and provided fictitious documents,” engaged in “undisclosed outside activity” and “failed to cooperate” with the regulator’s investigation. The Lapierres also took Gill to court as the regulator proceeded with administrative action against him.
Furthermore, the claim states, “Gill also used the funds advanced from the Plaintiffs to purchase other personal property.”The lawsuit reached a consent agreement on June 9, 2021, signed by Gill and the couple’s lawyer Patrick Sullivan for a monetary order of $450,000.
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B.C. investment advisor who defrauded retired couple of $285K banned, fined $310KA former investment advisor for Sun Life Financial Investment Services (Canada) Inc. has been fined $310,000 by Canada's mutual fund regulator.
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