Former Ontario dealing rep fired for taking more than $5,000 of clients' money for her own use
A former dealing rep has been banned for life by the MFDA and fined $80,000 for misappropriating more than $5,000 from two clients.
Krystal Jean Vanlandschoot also failed to co-operate with the regulators’ investigation.
From February 25, 2011 until September 8, 2014 and from August 25, 2015 until August 2, 2018, Vanlandschoot was registered in Ontario with CIBC Securities Inc. She was based in Simcoe and was also an employee of Canadian Imperial Bank of Commerce.
CIBC fired Vanlandschoot as a result of the violations. She is not currently registered in the securities industry.
With the first client, the respondent, without authorization, issued a bank draft in the amount of $2,159 for her personal benefit, making the bank draft payable to a third party. Then, without the client’s knowledge or authorization, Vanlandschoot processed a $2,159 withdrawal from a bank account of client NS and transferred the monies to the GL account in order to offset the overdrawn position.
With regard to the second client, Vanlandschoot issued a bank draft in the amount of $3,330.05 from the GL account and, once again, made the bank draft payable to a third party. Without client’s knowledge or authorization, she processed a $3,341.93 redemption from a GIC in an account held by client PF, and transferred $3,330.05 of the proceeds into the GL account in order to offset the overdrawn amount.
The bank identified the unauthorized transactions and commenced an investigation. CIBC subsequently compensated the clients.
Vanlandschoot must also pay $7,500 in costs.