Respondent allowed a client to open and trade in an account using someone else’s identity and contact information
A former fund rep has been fined $100,000 and banned for life after the MFDA found she violated numerous rules.
Meng Xi Li used to work at CIBC Securities in Vancouver but was terminated in 2017 when the misconduct came to light. She no longer works in the industry.
The MFDA panel upheld five allegations against Li. These included how, between January, 2016, and January, 2017, she allowed a client to open and trade in an investment account at the firm using the identity and contact information of a different individual, thereby concealing the identity of the true account holder, and circumventing the member’s account and trade supervision processes.
Li also recorded notes in the member’s client management system which falsely described trade instructions for trades submitted in a client account, and transferred $100,000 from a client investment account to her personal bank account, thereby engaging in personal financial dealings with the client which gave rise to a conflict or potential conflict of interest. She also misled MFDA investigators.
Li must also pay costs of $7,500.
