In keeping with an announcement of allegations, St. Pierre misappropriated roughly $10,403,000 from these shoppers’ accounts. He transferred out a complete of $4,840,000 to outdoors financial institution accounts that he personally owns or controls, utilizing them for his personal profit.
“St. Pierre misappropriated the funds by means of a wide range of strategies involving unauthorized withdrawals and deposits of financial institution drafts and digital funds transfers,” IIROC mentioned within the assertion of allegations. “St. Pierre was in a position to misappropriate the funds by deceiving each the Shoppers and his agency by means of the falsification of the Shoppers’ info and data.”
IIROC has additionally imposed a disgorgement totalling $4,840,000 on St. Pierre.
A lot of the shoppers concerned have been over 75 years outdated and susceptible. ATB has compensated them in full with respect to the online funds St. Pierre misappropriated, together with alternative prices from missed market positive aspects, in keeping with IIROC.