On or around August 13 of that year, the customer gave him a bank draft in the amount of $30,000 payable to CIBC and Olanrevaju. No documents were filled or filed in respect of the investment.
The next day, Olanrewaju deposited the bank draft into his personal bank account, which at the time had an overdraft of $98. The next day, he used $19,945.43 of the deposit for his personal expenses and investments.
As of the end of August, there was only $1,458.44 left in the account; By the end of October, Olanrewaju had finished it. He paid the customer only twice, on October 1 and November 1, in amounts of $679.24 and $678.11 respectively.
“Contrary to the representation made by the defendant to the client, none of the $30,000 paid to the defendant was invested with the member on behalf of the client,” the MFDA said.
On February 1, 2019, the student submitted a complaint to CIBC Securities regarding the transaction, stating that he had not received any documents from Olanrevaju, prompting an investigation by the firm.