According to a statement of allegations, St. Pierre misappropriated roughly $10,403,000 from those clients’ accounts. He transferred out a total of $4,840,000 to outside bank accounts that he personally owns or controls, using them for his own benefit.
“St. Pierre misappropriated the funds through a variety of methods involving unauthorized withdrawals and deposits of bank drafts and electronic funds transfers,” IIROC said in the statement of allegations. “St. Pierre was able to misappropriate the funds by deceiving both the Clients and his firm through the falsification of the Clients’ information and records.”
IIROC has also imposed a disgorgement totalling $4,840,000 on St. Pierre.
Most of the clients involved were over 75 years old and vulnerable. ATB has compensated them in full with respect to the net funds St. Pierre misappropriated, including opportunity costs from missed market gains, according to IIROC.
