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IIROC claims former ATB employee misappropriated $10.4M

2022-09-21 20:35 ET - Street Wire

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by Mike Caswell

The Investment Industry Regulatory Organization of Canada has filed a case against former ATB Securities Inc. employee Marc Leon St. Pierre, claiming that he misappropriated $10.4-million from clients. His scheme ran for six years and mostly involved vulnerable clients over the age of 75, IIROC says. According to the regulator, he covered up the missing money through falsified account statements, among other things.

The allegations are contained in a brief notice of hearing that IIROC released on Wednesday, Sept. 21. The sole respondent is Mr. St. Pierre, an employee of ATB since 2008. He worked from a branch in Red Deer, Alta.

The case, as set out by IIROC, stems from money that disappeared from the accounts of 16 clients between April, 2015, and August, 2021. According to IIROC, Mr. St. Pierre misappropriated the money through frequent withdrawals, typically using bank drafts and electronic transfers. He targeted 16 clients, most of them vulnerable and elderly, the notice states.

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these b s stories. fire the acounting department, too many with fake degrees or diplomas from mainland china, the accounting department and the compliance offie ned to be charged criminaly also, for being dummies if nothing else. Publish the accoutn department names and compliance office too, fakers.

Posted by ah at 2022-09-22 10:44