Client Funds Misappropriation Hearing
CIRO Schedules Public Hearing for Christina Cole on Alleged Client Fund Misappropriation at BMO Investments
A former BMO Investments Inc. representative in Squamish, British Columbia faces a sanctions hearing after allegedly stealing over $25,000 from the accounts of deceased clients. CIRO announced on June 15, 2026, that Christina (Lorna) Cole will face a one-day hearing on June 24, 2026, held via videoconference and open to the public.
Cole has signed an Agreed Statement of Facts with CIRO Enforcement Staff — meaning she has effectively admitted to the core allegations. The hearing will focus entirely on what punishment she should receive, not on whether she did it.
Forged Signatures and a Phony Debit Card
The alleged scheme began in October 2023. Cole was asked by bank staff to close the accounts of a client identified as "AS." She left one account open on purpose, according to Business in Vancouver. She then allegedly forged AS's signature to get a replacement debit card for that account — giving herself secret access to the funds.
At the same time, Cole learned that another client, "WA," had died. She quickly processed a $24,258 redemption of WA's Guaranteed Investment Certificate. Instead of sending the money to WA's estate, she routed it into an internal bank "suspense account." She then moved $23,801 of those funds into the AS account — the one only she could access. BMO later recovered $23,000 from Cole's personal credit union account in October 2024.
Cole Lost Her Registration in January 2024
Cole worked as a registered dealing representative at BMO Investments Inc. starting November 19, 2020. Her registration was terminated on January 9, 2024, according to CIRO. She is no longer registered in the investment industry in any capacity. CIRO issued a formal Notice of Hearing and Statement of Allegations on June 3, 2026.
BMO has since repaid the affected estates for their losses, plus interest, according to Business in Vancouver. The bank's recovery of $23,000 from Cole's personal account shows a clear financial trail — one that industry observers say leaves little room for dispute at the sanctions stage.
A Permanent Ban Is the Most Likely Outcome
CIRO and its predecessor have taken a hard line on misappropriation, especially involving vulnerable or deceased clients. In a similar June 2026 case, Wealth Professional reported that a representative was permanently banned and fined $600,000 for misappropriating client funds. In another case from January 2026, Investment Executive reported a panel imposed a $1 million fine — double what regulators asked for — citing "public and industry repugnance."
Cole's use of a branch suspense account and a forged debit card adds what experts call "sophistication" to the misconduct. That typically counts as an aggravating factor. Given that Cole has already admitted to the facts, a permanent industry ban and a large fine are widely expected when the panel issues its decision at CIRO's public website.
Regulators Push for Stronger Elder Fraud Protections
The Cole case sits within a broader push to protect elderly and deceased clients' estates from insider fraud. On the same day CIRO announced the sanctions hearing, the Canadian Securities Administrators issued a separate notice urging seniors to name a Trusted Contact Person — someone regulators can call if they suspect fraud or exploitation.
The admission of forgery in Cole's Agreed Statement of Facts could also carry consequences beyond the regulatory world. While CIRO does not publicly confirm referrals to law enforcement, an admission of forging signatures and redirecting estate funds could theoretically support a parallel criminal investigation, according to Toronto Sun.
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