Advisor banned for all times for creating pretend shopper accounts


A former TD Funding Providers advisor has been banned for all times by the MFDA and hit with a $35,000 advantageous after manipulating the financial institution’s Welcome Provide scheme by creating quite a few pretend accounts.

Libin Shen was registered in Ontario between 2015 and 2018 earlier than being fired by the financial institution. By creating these accounts – 46 chequing and 40 mutual funds – he obtained, and withdrew, promotional money provides that had been paid to “new purchasers” and earned credit score in the direction of his gross sales targets.

The MFDA reported that by opening pretend TD Financial institution chequing accounts, which he might entry and management, he “subsequently opened fictitious mutual fund accounts with the Member, signed the signatures of every mutual fund shopper on mutual fund account documentation, and processed transactions within the fictitious financial institution and mutual fund accounts that had been essential to qualify for the ‘Welcome Provide’”.


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