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Canadian Broker Appoints Himself Client's Heir

Thu, 08/10/2000 - 12:00am — Karen Stevenson
Description: 

- Contributed by Bill Hyde

A former Montreal-based broker, who appointed himself as an executor and heir in an elderly female client's will and then neglected to tell his employer of his new beneficial interest, has been fined $25,000 by the Investment Dealers Association of Canada (IDA). According to the IDA, Quynh Lam Phan, then a registered representative with Levesque Securities Inc. (now National Bank Financial Inc.) violated industry regulations by helping draft a will for his client, which would give him 25% of her capital, then failed to notify his employer or update the client's new account application form to reflect his new-found personal interest in the account. Phan's client's estate included a car and property in Florida, and the total value of her account was approximately $1 million Canadian.

- Contributed by Bill Hyde

A former Montreal-based broker, who appointed himself as an executor and heir in an elderly female client's will and then neglected to tell his employer of his new beneficial interest, has been fined $25,000 by the Investment Dealers Association of Canada (IDA). According to the IDA, Quynh Lam Phan, then a registered representative with Levesque Securities Inc. (now National Bank Financial Inc.) violated industry regulations by helping draft a will for his client, which would give him 25% of her capital, then failed to notify his employer or update the client's new account application form to reflect his new-found personal interest in the account. Phan's client's estate included a car and property in Florida, and the total value of her account was approximately $1 million Canadian.