Former investment dealer faces $200K fine

A former Thunder Bay investor has been hit with $236,000 in fines and costs for misappropriating funds from two clients.

Pirkko Ann Ramsay, who worked with CIBC Investor Services Inc., will pay a $200,000 fine and $36,000 in costs for her misdeeds. She’s also been slapped with a lifetime ban by the Investment Industry Regulatory Organization of Canada.

A special hearing panel, convened on July 16 to investigate the matter, discovered that in 2009 and 2010 Ramsay borrowed and misappropriated funds from two clients without their knowledge or consent. She then failed to co-operate with the IIROC’s initial investigation when it began in October 2011.

The IIROC is a national self-regulatory organization which oversees investment dealers in Canada. Their full decision can be read here.