Former Merritt CIBC employee fined for theft and fraud of a senior client
MERRITT, B.C. — A former CIBC employee in Merritt has been fined for stealing from a client and from the bank.
Hope Moira Donna Thomas has been fined $300,000 for stealing more than $150,000 total. According to the Mutual Fund Dealers Association of Canada (MFDA), Thomas misused $97,000 from a 79-year-old Merritt client as well as stealing over $64,000 from the bank.
“Misappropriation is among the most serious types of misconduct encountered by securities regulators as it usually involves a serious breach of trust, causes real harm to the clients affected, and undermines the reputation and integrity of the securities industry,” MFDA officials wrote in the decision. “Here, the respondent misappropriated $157,000 from the client and the bank. She held a position of trust with the client who was elderly and vulnerable, whom she exploited in order to steal money for her own personal use.”
In part of the decision, officials said the situation began in 2018 when the elderly client deposited $56,316 into a newly opened tax-free savings account with Thomas. During a six-month span between February and August 2019, Thomas processed 12 redemptions from the client’s account and dropped about $59,000 into a fake account. On this fake account, the former employee also gathered more than $5,000 in overdraft. The decision by the MFDA found that Thomas pocketed $34,000 from a joint account the client and her husband shared. The damages did not stop there as an additional $59,000 in loans and a line of credit put on the senior’s name was also found.
