Former Merritt CIBC employee fined for theft and fraud of a senior client

MERRITT – A former Merritt CIBC employee has been fined for stealing from a client and from the bank.

Hope Moira Donna Thomas has been fined $300,000 for stealing more than $150,000 total. According to the Mutual Fund Dealers Association of Canada (MFDA), Thomas misused $97,000 from a 79-year-old Merritt client as well as stole over $64,000 from the bank.

“Misappropriation is among the most serious types of misconduct encountered by securities regulators as it usually involves a serious breach of trust, causes real harm to the clients affected, and undermines the reputation and integrity of the securities industry,” wrote officials in the decision. “Here the Respondent misappropriated $157,000 from the Client and the Bank. She held a position of trust with the Client who was elderly and vulnerable, whom she exploited in order to steal money for her own personal use.”

In part of the decision, officials said the situation began in 2018 when the elderly client deposited $56,316 into a newly opened tax-free savings account with Thomas. During a six month span, between February and August of 2019, Thomas processes 12 redemptions from the clients account and dropped about $59,000 into a fake account. On this fake account, the former employee also gathered more than $5,000 in overdraft. The decision by the MFDA found that Thomas pocketed $34,000 from a joint account the client and her husband shared. The damages did not stop their as an additional $59,000 in loans and a line of credit put on the senior’s name was also found.

While reviewing the situation and making their decision, officials said Thomas has not expressed remorse for her actions, ultimately failing to recognize the seriousness of her misconduct.

“She has refused to participate in the hearing process or otherwise accept responsibility for her misconduct.”

Thomas was fired by CIBC in October 2019 and was charged with three counts of fraud, pleading guilty to one of those, and still awaits a sentencing. She has been banned for life from working in any security-related businesses and has been fined $300,000 by the MFDA, while also receiving $10,000 in added costs.

CIBC has since repaid the clients losses but has not recovered any cost from their former employee.