Ex-BMO banker fined $50K and banned for stealing $118K from deceased clients' accounts
Christina Cole misappropriated funds from client accounts while working as a registered investment representative, forging signatures and routing money through internal accounts to hide the theft.
Sources · local media reports
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The Canadian Investment Regulatory Organization has fined a former Bank of Montreal investment representative $50,000 and permanently barred her from registered securities work after she misappropriated more than $118,000 from client accounts, including from deceased clients.
Christina Cole worked as a registered dealing representative at BMO Investments Inc. in Squamish from November 2020 to January 2024. At a June 24 disciplinary hearing in Vancouver, Cole admitted to the misconduct, which the regulator described as intentional and egregious.
Cole's scheme involved issuing herself a replacement debit card by forging a client's signature, then routing money from deceased clients' estates through internal suspense accounts before withdrawing funds. In one case, she processed a $24,258 guaranteed investment certificate redemption for a deceased client's estate but directed it to a suspense account, then transferred $23,801 to her own account and spent approximately $3,000 on personal expenses. In another, she siphoned $1,000 from a deceased client's TFSA redemption worth $94,471.
The bank discovered Cole's activities before she could withdraw additional funds and suspended her. The bank recovered $23,000 from Cole's credit union account in October 2024 and compensated the affected families. Cole did not voluntarily repay the stolen money; the bank retrieved funds after legal intervention. At the hearing, Cole claimed she struggles with severe depression and is on the verge of homelessness, but the CIRO panel noted she provided limited financial documentation and has made no voluntary restitution.
The facts
How much was Christina Cole fined and what was her punishment?
Christina Cole was fined $50,000 by the Canadian Investment Regulatory Organization and permanently barred from registered securities work.
How much money did Christina Cole steal from client accounts?
Christina Cole misappropriated more than $118,000 from client accounts, including accounts belonging to deceased clients.
When did the disciplinary hearing take place?
The disciplinary hearing was held on June 24 at the Canadian Investment Regulatory Organization's Vancouver office.
How did the bank recover stolen funds from Christina Cole?
Bank of Montreal recovered $23,000 from Cole's credit union account in October 2024 following legal intervention, then compensated the affected families.
