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by Mike Caswell

The Canadian Investment Regulatory Organization has banned and fined former RBC Dominion Securities Inc. employee Sinziana Vornicu, who was part of a scheme to overstate the assets of two clients by millions of dollars. CIRO says that Ms. Vornicu sent falsified account information at the direction of another employee. The overstated assets were part of an effort to maintain the business of the clients, CIRO says.

The penalties for Ms. Vornicu are contained in a settlement agreement that CIRO released on Monday, Dec. 23. Ms. Vornicu has agreed to serve a 12-month ban and to be subject to close supervision for 12 months upon her return to the industry. She has also agreed to pay a $25,000 fine, plus $5,000 in CIRO's costs.

The events at issue go back to early 2022, when Ms. Vornicu was an assistant to an RBC investment adviser named Andrew Munro. One of Mr. Munro's clients had assets that had begun to decline, and Mr. Munro "feared the client's reaction" to the decline. The client had also requested to receive twice-weekly updates on the value of his investments.

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