TD Bank repaid a 71-year-old client after discovering its mutual fund dealer in Surrey misappropriated more than $150K from their account, according to a regulator’s decision<\/p>\n
A former mutual fund dealer at a TD Bank (TSX:TD) branch in Surrey has been ordered to pay more than $350,000 after admitting she took money from a senior citizen client and then failed to co-operate with a regulatory investigation.<\/p>\n
A Canadian Investment Regulatory Organization (CIRO) hearing panel ordered Haimeng Wang to pay back $151,895 while fining her $201,000 for the misconduct.<\/p>\n
In its hearing decision, including an agreed statement of facts dated Aug. 7, the panel also permanently banned Wang from further work in the securities industry.<\/p>\n
It was no later than February 2020 that a 71-year-old client, identified in the decision as YW, provided Wang with their online banking password and login information. The credentials were meant for Wang to assist YW with financial transactions, including bill payments.<\/p>\n
Wang accessed YW\u2019s online banking at least 550 times and processed at least 150 electronic transfers from YW to herself and three other individuals associated with Wang (\u201cGY,\u201d \u201cQW\u201d and a third party).<\/p>\n
Wang personally spent $45,643.40 of YW\u2019s money. She directed the remaining $106,252.11 to QW, GY and another recipient.<\/p>\n
The $106,252.11 of transfers directed to GY, QW and the third party were not authorized by the senior client.<\/p>\n
Wang has not repaid the $151,895.51 in transfers she \u201cdirected\u201d from client YW\u2019s accounts, the panel stated.<\/p>\n
After the bank became aware of the alleged transfers, it refunded YW the full amount and launched an investigation into Wang.<\/p>\n
Wang initially told CIRO the transfers were authorized and promised to provide records, then stopped responding, the panel found. She was cited for failing to co-operate with the regulator’s investigation.<\/p>\n
After the hearing notice, Wang provided banking records and receipts confirming the $45,643.40 she spent on herself, but nothing accounting for how the $106,252.11 sent to QW, GY and the third party was spent.<\/p>\n
The panel described Wang\u2019s misconduct as \u201cmisappropriation or otherwise failing to account for monies obtained from a client.\u201d<\/p>\n
Business in Vancouver asked CIRO if it contacted police with respect to the misappropriation.<\/p>\n
BIV has not heard back from CIRO in time for publication but will report any such response.<\/p>\n
CIRO said it\u2019s unclear whether Wang engaged in similar conduct with other clients.<\/p>\n
On Dec. 20, 2022, Wang resigned as a result of the bank\u2019s investigation and is no longer registered in the securities industry in any capacity, according to the hearing notice.<\/p>\n
Mick Ramos, TD\u2019s manager of public affairs, issued a statement to BIV on June 10, 2025, shortly after the hearing notice was issued to Wang.<\/p>\n
“We take matters like this very seriously and act swiftly to protect our customers. We also co-operate with authorities whenever there’s an investigation,\u201d he said. \u201cWhile we’re unable to share any customer details, I can confirm we opened an investigation and the impacted customer was remediated.\u201d<\/p>\n
BIV was unable to reach Wang for an opportunity to comment on the decision.<\/p>\n