The senior client's $132,000 retirement account was reduced to $156 over six months
Former Sun Life advisor fined $12,500 for processing a senior fraud victim's $146,000 RRSP withdrawals without reporting.
Sholeh Sharifian, a former mutual fund dealer with Sun Life Financial Investment Services (Canada) Inc., admitted to processing six RRSP redemptions for a senior client between November 2020 and May 2021 without making adequate inquiries or reporting the activity to her dealer member.
She continued processing redemptions even after the client disclosed she had been defrauded.
CIRO accepted a settlement agreement against Sharifian on May 4, imposing a $7,500 fine and $5,000 in costs.
The client, identified as client A, was approximately 67 years old when Sharifian opened her RRSP account in 2019 with an opening balance of $132,692.
Within 16 months, client A began making urgent and repeated withdrawal requests — first citing COVID-19 income losses and telling Sharifian she was in "financial jeopardy," then later writing directly: "I have been a victim of a fraud and I need some money from my investment to help sort things out."
Sharifian processed four more redemptions totalling $61,250 after receiving that disclosure. By May 2021, the account held roughly $156.
Sun Life's own policies required advisors to treat repetitive withdrawal requests from seniors depleting retirement capital as red flags, and to report suspected vulnerability to the dealer member.
Sharifian did neither.
CIRO found her conduct contravened Mutual Fund Dealer Rules 2.1.1, 2.2.1, and 1.1.2.
The breach only surfaced in August 2022, when a family member of client A contacted Sharifian directly.
Sun Life later compensated client A.
The settlement agreement noted Sharifian has no prior disciplinary history and has limited financial means.
Sun Life had placed her under close supervision in July 2023 before terminating her that November.
She is no longer registered in the securities industry.
