CIRO hearing panel hands down sweeping sanctions against former PFSL dealing representative
A former Edmonton-area mutual fund dealing representative has been permanently barred from the Canadian securities industry and ordered to pay more than $267,000 in fines and costs following a disciplinary hearing by CIRO.
Following a hearing held on February 10, 2026, a hearing panel of CIRO under the Mutual Fund Dealer Rules found that Lou Albert Cruz Soco misappropriated or failed to account for monies obtained from clients, engaged in personal financial dealings with clients that gave rise to conflicts of interest which he failed to disclose or properly address, and failed to cooperate with CIRO staff's investigation.
Soco has been handed a permanent prohibition from conducting securities-related business with any CIRO Dealer Member, disgorgement in the amount of $217,950, an additional fine of $217,950 for misappropriation of client funds and personal financial dealings with clients, and a fine of $50,000 for failing to cooperate with CIRO's investigation. Soco was also required to pay costs of $32,167.25.
The violations occurred while Soco was a Registered Dealing Representative with PFSL Investments Canada Ltd. in the Edmonton, Alberta area. He is not currently registered in the securities industry in any capacity.
