A former stock broker is being accused of misappropriating nearly $1 million from clients in Terrace and Kitimat.
According to the Canadian Investment Regulatory Organization, Kevin Bradley Marleau obtained the funds from 27 clients between April of 2024 and last October.
At the time, he had been working as an investment broker for iA Private Wealth Inc, who fired him after it came to light.
Marleau had told the clients they were investing in private placement employee shares, with a short term return of 30 to 50 percent.
In some cases, he allegedly withdrew money from some clients investments to pay others what he claimed were returns.
In others, he simply transferred money to his own private account.
Marleau also falsified account statements and took other steps to conceal his misconduct.
An initial appearance before a CIRO hearing panel is slated for December 1st.
If the allegations are proven true, he could face fines of up to $5 million for each contravention, permanent bans, and other consequences.
IAPW has reimbursed the clients for their losses.
