Ellen Roseman

Personal finance columnist at the Toronto Star and previously the Globe and Mail. My passion is consumer advocacy and making sense of money

Jun 10, 2021
Published on: LinkedIn
1 min read

How could this not be reported to the police? A financial advisor for a Big 6 Bank allegedly allowed his wife to be a beneficiary of his client’s will — and directed that certain payments by the client to be made to the advisor’s spouse.

Too close for comfort. Sounds like a conflict of interest, to put it mildly, and an abuse of powers of attorney by the advisor. Let’s hope IIROC investigates the case, publicizes its findings and looks for similar cases of conflicts and POA abuses by this National Bank advisor and other advisors.

Thanks, Harold, for your work in shedding light on the advisory industry’s underbelly.

Where there is smoke, is there fire? How many victims are there? How many have received notice? Can a firm be trusted to give effective notice? Skullduggery by financial advisors is rare, but when it involves vulnerable clients can merit criminal investigations. Did the firm fail to keep a watch? If so the UDP and CCO should be the subject of an IIROC investigation. Compliance is top down. The allegations against #MilanPlentai of #NationalBankFinancial #NBF state: "engaged in personal financial dealings with a vulnerable client [suffering from Alzheimer's} in which he accepted payments from a client, RC, that were not related to an approved outside business activity, accepted appointments under powers of attorney for the client (a non-Related Person), and arranged for his spouse to become a beneficiary of RC’s will. Further, in accepting payments from the client, Plentai directed that certain payments be made to his spouse." A report to police by IIROC and a warning of potential wrongdoing to all of Plentia's clients is called for. #IIROC #MFDA #CSA