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IIROC cites Plentai over dealings with elderly client

2021-06-10 20:59 ET - Street Wire

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by Mike Caswell

The Investment Industry Regulatory Organization of Canada has begun a case against former National Bank Financial Inc. employee Milan Plentai, citing him for personal financial dealings with an elderly client. IIROC says that he had power of attorney for the client and was in line for a share of the client's estate. He also accepted cheques worth $7,170 from the client, IIROC claims.

The allegations are contained in a brief notice of hearing that IIROC released on June 9, 2021. The sole respondent is Mr. Plentai, who had worked at National Bank and a brokerage that it acquired, Wellington West Capital Inc., since 2007. The firm fired him on Dec. 16, 2019, after learning about the events that led to the IIROC investigation.

The case stems from a client, only identified by IIROC as "RC," who was born in 1930 and diagnosed with Alzheimer's disease in May, 2014. IIROC cites several financial dealings between Mr. Plentai and the client, starting in 2017. According to the notice, the client wrote progressively larger cheques to Mr. Plentai or his wife in August of that year, with the value of those cheques totalling $7,170.

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