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by Mike Caswell

The Canadian Investment Regulatory Organization has found its way into a family feud of sorts, filing a case against former Haywood Securities Inc. employee Roberto Chu, claiming that he improperly transferred money out of an account belonging to his brother. CIRO says that Mr. Chu removed $297,500 from his brother's account without authorization, and later returned the money after an internal investigation. Mr. Chu then failed to co-operate when CIRO began looking into the matter, the regulator says.

The allegations are contained in a notice of hearing that CIRO released on Feb. 25, 2025. The case stems from events that occurred in 2023, when Mr. Chu was responsible for five accounts that his brother held at Haywood. At the time, the mother of Mr. Chu and his brother had recently died, CIRO says.

The transfers, as set out by CIRO, occurred on Feb. 8, 2023. On that date, Mr. Chu initiated a series of moves that resulted in money going from his brother's margin account to an account that Mr. Chu and his mother jointly held. "All of the above transfers occurred without the knowledge or approval of [Mr. Chu's brother]," the notice states.

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