Advisor banned for theft…from mother

The discipline committee of Quebec’s Chambre de sécurité financière has issued a permanent ban against an advisor who stole $48,000 from the account of his mother.

Jean Alix Balan Junior, who practiced as a mutual fund rep in the greater Montreal area, took out a $50,000 line of credit in his mother’s name without her knowledge, having her sign a blank document without explaining the reason.

For this, the discipline committee said Balan has clearly “failed to act with integrity.”

In its decision, the Committee pointed out that the misappropriation of funds is one of the most serious offenses a representative can commit. Moreover, these offenses were committed deliberately premeditated and deliberate.

Finally, this type of crime affects the image of the profession and undermines public confidence in it, said the disciplinary committee.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.