A Metro Vancouver TD Bank financial advisor is being accused of transferring $152,819 from a client’s account into her own.
According to a notice of hearing from the Canadian Investment Regulatory Organization (CIRO), Haimeng Wang accessed a client’s bank accounts, transferring their funds to herself and other individuals, “thereby engaging in personal financial dealings with a client contrary to MFDA Rule 2.1.4, and conduct contrary to MFDA Rule 2.1.1.”
The CIRO notice points out that Wang is accused of multiple contraventions. The second contravention involves failing to cooperate with an investigation.
According to CIRO’s notice, Wang was registered as a “dealing representative with TD Investment Services, a Dealer Member of CIRO.”
“At all material times, the respondent was also an employee of a bank,” CIRO states, adding that Wang operated in the Surrey area.
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The victim was a 71-year-old, retired client. Wang had used the client’s banking login and password to access their online banking, and to add herself and other people as bill payees.
Wang is also accused of processing e-transfers from the client’s account to herself and others while she was in the branch. Numerous transfers were processed between February 2021 and December 2022.
As mentioned, the transfers totalled around $152,819, and were directed to Wang and other people. CIRO points out some of the uses for the allegedly stolen funds:
- Wang used it to make credit card payments
- She used it to deposit money into her bank account
- She used it to make payments on her partner’s credit card and another individual’s card
- She used it to deposit money into her partner’s account and another individual’s account
Staff began investigating Wang’s actions, but because Wang wasn’t cooperating with the investigation, they were unable to determine the full extent of Wang’s conduct. Numerous communications were sent to Wang but she never responded.
TD informed Daily Hive that the impacted client was remediated.
“We take matters like this very seriously and act swiftly to protect our customers,” Mick Ramos, manager for corporate and public affairs in Western Canada at the TD Bank Group, told Daily Hive.
“We also cooperate with authorities whenever there’s an investigation. While we’re unable to share any customer details, I can confirm we opened an investigation and the impacted customer was remediated.”
It is unclear what the full consequences will be for Wang but a hearing has been scheduled for next month. Wang is no longer employed by TD.
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