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by Mike Caswell
The Investment Industry Regulatory Organization of Canada has imposed a permanent ban and $485,000 in financial penalties on former RBC Dominion Securities Inc. employee Gennaro (Gerry) Scerbo. The regulator found that Mr. Scerbo forged his wife's signature in order to misappropriate $271,000 from her account. He also failed to co-operate with a subsequent IIROC investigation.
The penalties for Mr. Scerbo are contained in a decision that IIROC released on Wednesday, March 7. The sanctions come after a one-day hearing that IIROC held for Mr. Scerbo on Nov. 9, 2017, which he did not attend. His $485,000 penalty includes a $420,000 amount for taking money from his wife's account, a $50,000 fine for failing to co-operate with IIROC's investigation and $15,000 in IIROC's costs. He is also permanently banned from working in any registered capacity.
The case against Mr. Scerbo, as set out in a Sept. 13, 2017, notice of hearing, stemmed from his repeated forgery of his wife's signature over a four-year span. According to IIROC, he forged his wife's signature on RRSP deregistration forms in order to misappropriate money from her account.
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