Wednesday, November 23, 2022
HomeWealth ManagementEx-dealing rep permanently banned for embezzling client's money

Ex-dealing rep permanently banned for embezzling client’s money

Instead, Batla deposited the bank draft into his own personal investment account with Investors Group, indicating that the money came from his “spouse/common law partner’s” income.

Between May 22 and June 13, 2019, he facilitated a series of mutual fund purchases, redemptions, and withdrawals in his personal account using the money, earning $900 in commissions in the process.

When questioned by the firm about the quick withdrawals, Batla said there’d been a misunderstanding between him and his spouse about the original amount to be invested.

In total, he withdrew $69,320 of the money entrusted to him from his investment account. He deposited that amount into his own personal bank account, and used it to pay for personal expenses and repay his debts.

On January 3, 2020, the client lodged a complaint with IG concerning Batla’s actions. Batla has repaid $11,500 to the client, and IG paid $56,224.54 in compensation to the client to cover the amount Batla did not repay.



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