Hearing panel orders $350k in fines and disgorgement after a dealing representative admitted misappropriating client money
A CIRO hearing panel has permanently banned former TD Investment Services Inc. dealing representative Haimeng Wang from securities-related business with any Dealer Member of the Canadian Investment Regulatory Organization, and ordered her to pay $353,791.02, following a sanctions hearing on August 19, 2026.
The penalty comprises disgorgement of $151,895.51 and a fine of $201,895.51. Wang must also pay $15,000 in costs.
The panel's reasons for decision will be posted at the regulator's disciplinary decisions archive.
Wang admitted the misconduct in an Agreed Statement of Facts signed on August 7.
The document records personal financial dealings with a client contrary to MFDA Rule 2.1.4, misappropriation or a failure to account for client monies contrary to MFDA Rule 2.1.1, and a failure to cooperate with a CIRO investigation contrary to Mutual Fund Dealer Rule 6.2.1.
Wang was registered with TD Investment Services Inc. between February 1, 2021 and December 20, 2022, operating in the Surrey, British Columbia area.
She had also worked for an affiliated bank since August 7, 2018. She resigned on December 20, 2022 during the dealer's investigation and holds no securities registration.
The client, identified as YW, was approximately 71 and retired in 2021.
The two families knew each other before Wang's registration.
No later than February 2020, YW gave Wang his online banking login and password to help with bill payments.
Between February 2021 and December 2022, Wang added herself and two individuals as bill payees on the client's online banking, accessed the account at least 550 times, and processed at least 150 electronic transfers totalling $151,895.51.
Of that, $45,643.40 went to her own account and credit card, $58,293.51 to her partner, $29,750 to a family friend, and $20,750 to a third party.
None of the transfers were authorized, and Wang did not repay any of the money.
The bank compensated the client.
The Agreed Statement of Facts also records at least $50,000 directed from the client's accounts between June 2020 and February 2021, before Wang's registration.
Whether the client authorized those transfers is unknown.
CIRO Staff opened its investigation in March 2023.
Wang responded on March 29, 2023 with incomplete documents, then told Staff on May 1, 2023 she was out of the country and would provide records after July 2, 2023.
She made no further contact despite calls, emails and letters sent between May 9 and September 7, 2023, and did not schedule an interview.
She produced banking and credit card records on July 27, 2025, after the Notice of Hearing was issued.
Those documents confirmed she spent the $45,643.40 on personal expenses but did not account for the remaining $106,252.11.
Wang had no prior disciplinary history with CIRO or the MFDA.
