Disciplinary hearing set as CIRO alleges former Scotia Securities adviser created fictitious accounts to hide transfers
A now-former mutual fund dealer for Scotia Securities Inc.’s Vancouver branch is facing a regulatory disciplinary hearing later this month after allegedly “misappropriating” $354,700 from the accounts of two elderly clients by using “fictitious” accounts.
Marc-Antoine Ladeiro “misappropriated or otherwise obtained monies from [clients] that he failed to account for,” according to a hearing notice from the Canadian Investment Regulatory Organization (CIRO), the industry-led regulator of securities and investment services providers.
Ladeiro was registered in the securities industry in June 2018, and worked with Scotia Securities between Aug. 8, 2019 and Feb. 22, 2022. He is no longer registered, according to the regulator.
Starting in July 2020 and until February 2022, the regulator alleges Ladeiro “obtained” approximately $354,700 from clients identified as “MT” and “NT.”
The clients were in their 80s and 90s at the time in question. “NT” passed away in December 2021.
Ladeiro is alleged to have simultaneously opened at least three regular bank accounts that he controlled “using a fictitious name and the personal identity information of another person.”
Ladeiro allegedly first transferred the proceeds of matured Guaranteed Investment Certificates (GICs) and mutual funds totalling approximately $233,504 from the clients’ Scotia Securities account to their bank accounts.
The regulator alleges Ladeiro then transferred $354,700 from the bank accounts to the “fictitious accounts” without the knowledge of the clients.
Scotia Securities was also unaware of these transfers and Ladeiro allegedly created false records in the clients’ file at Scotia Securities that concealed the transfers.
The regulator alleges Ladeiro has failed to repay or otherwise account for the money he obtained, while Scotia Securities “paid compensation to the clients for the losses they incurred as a result of [Ladeiro’s] conduct.”
Attempts to reach Leideiro for comment were unsuccessful.
BIV has asked CIRO’s public relations department if Ladeiro’s alleged misconduct has been reported to RCMP.
“Where appropriate, CIRO makes referrals to law enforcement but cannot confirm regarding specific cases if the matter is not public,” stated CIRO spokesperson Ariel Visconti.
B.C. Court Services shows no civil or criminal proceedings against a person named Marc Antoine-Ladeiro.