Two former PFSL representatives fined and barred after processing transfers without client consent
The Canadian Investment Regulatory Organization (CIRO) sanctioned two former dealing representatives in Toronto after they admitted to processing unauthorized transfers in a client’s account.
In the first case, CIRO reported that Pedro Jose Albornoz Diaz signed a client’s signature on transfer authorization forms and approved additional documents submitted without authorization.
Diaz agreed to a six-month prohibition from acting as a branch manager or in any supervisory capacity for a Dealer Member, a $12,500 fine, and $2,500 in costs.
In the second case, CIRO stated that Marcos David Magallanes Conde electronically signed six account forms without client authorization, facilitating the attempted transfer of two locked-in retirement accounts.
Conde agreed to pay a $10,000 fine and $2,500 in costs.
The client, referred to as HC, later complained to PFSL Investments Canada Ltd., which returned the transferred funds to the original institutions.
CIRO confirmed there was no evidence of client financial loss and that neither Diaz nor Conde received commissions, as the transfers were reversed before the funds were invested.
Both Diaz and Conde previously worked as dealing representatives with PFSL Investments Canada Ltd. in Toronto but are no longer registered in the securities industry.
