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Advisor banned for life for creating fake client accounts

A former TD Investment Services advisor has been banned for life by the MFDA and fined $35,000 after manipulating the bank’s welcome offer scheme by creating multiple fake accounts.

Libin Shen was registered in Ontario between 2015 and 2018 before being fired by the bank. By creating these accounts — 46 checking and 40 mutual funds — they received promotional cash offers paid to “new customers,” and withdrew and earned credit for their sales goals.

The MFDA explained that by opening fake TD Bank checking accounts that it could access and control, it “later opened fake mutual fund accounts with the member, signed the mutual fund account document with the signature of each mutual fund client, and in forged Processed transactions bank and mutual fund accounts that were required to qualify for the ‘Welcome Offer’.

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