A hearing panel of the Investment Dealers Association of Canada imposed a five-year ban and a $40,000 fine on a broker and branch manager a with TD Securities Inc.
Esther Inglis, was employed as a registered representative in Toronto or as a branch manager in Peterborough with TD Securities.
After the disciplinary hearing on Feb. 1 and 2, the panel found that Inglis:
- promised to reimburse a client for a deferred sales charge and then transferred funds from the client’s brokerage account to his bank account without the client and the firm’s knowledge or consent; and
- signed a client’s name on an account guarantee without his knowledge or consent.
For her misconduct, Inglis was fined $40,000; prohibited from seeking registration approval with any Member firm for a period of five years; banned on registration in a supervisory capacity for 10 years (to run concurrently with the five year ban); and must rewrite and pass the Conduct and Practices Handbook exam upon any return to the industry.
In addition, Inglis must pay $15,000 in costs.
Inglis has not been registered in the industry since May 2002.