Former financial advisor Robert Palumbo has been fined $120,000 and ordered to pay $7,500 in costs by the Mutual Fund Dealers Association after the Sault Ste. Marie man misappropriated $195,626 from three elderly clients.
The association, which is responsible for overseeing the distribution side of the Canadian mutual fund industry, found that Palumbo falsified client signatures and submitted documents without their knowledge between May 2016 and May 2017.
Due to the ages of Palumbo’s victims (64, 78 and 84 years old), they were all deemed ‘vulnerable’ by the association.
According to the MFDA, Palumbo admitted to a business partner in 2017 that he took $109,000 from two clients by depositing the funds into his personal bank account and “gambled it all away.”
MFDA also found that Palumbo used a number pre-signed forms to process transactions for clients, and engaged in personal financial dealings by borrowing $10,000 from his cousin.
Palumbo did not co-operate in the subsequent MFDA investigation.
In addition to the $127,500 in fines and costs, Palumbo has also been slapped with a permanent prohibition on conducting securities-related business “in any capacity while in the employ of or associated with any MFDA member.”
A full text version of the MFDA decision can be found on the association’s website.
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March 07, 2020 at 12:45AM
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Sault financial advisor fined $127000 for misappropriating funds. He told a colleague he 'gambled it all away' - SooToday.com
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