CIRO fines PFSL $250,000 for poor supervision

2026-04-22 19:22 ET - Street Wire

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"CIRO permanently bans PFSL ex Soco for misappropriation"

2026-04-16 19:44 ET - Street Wire

by Mike Caswell The Canadian Investment Regulatory Organization has permanently banned Lou Albert Cruz Soco, a former PFSL Investments Canada Ltd. employee accused of misappropriating money from clients. CIRO says that Mr. Soco offered clients "lucrative investment opportunities" outside of PFSL, and had them send him money personally. His conduct reflects what CIRO calls a "sustained departure from the standards expected of an Approved Person."

The penalties for Mr. Soco are contained in a decision that CIRO released on Wednesday, April 15. The regulator has permanently banned Mr. Soco from conducting securities-related business. He must also pay $518,067, with the amount including disgorgement of $217,950 in gains, a fine and payment of CIRO's costs.