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June 07, 2022 - 7:00 AM
A former Merritt banker has pleaded guilty to fraud.
Former CIBC employee Hope Moira Donna Thomas pleaded guilty to one charge of fraud over $5,000 May 4.
Thomas was originally charged with two counts of fraud over $5,000 and one charge of theft over $5,000 in March 2021.
Separately from the criminal matter, the Mutual Fund Dealers Association of Canada is also taking action against Thomas and laid out detailed allegations against her in a November 2021 hearing notice.
According to the notice, Thomas opened a tax free savings account for a 79-year-old client in January 2018.
Thomas then processed the purchase of $56,000 of mutual funds for the client.
In December of that year, Thomas then opened a bank account in the client's name without her knowledge, having the bank statements sent online and changing the address so the elderly client wouldn't find out.
Thomas then transferred $59,000 from the tax free savings account to the account she'd fraudulently opened in the client's name.
The Mutual Fund Dealers Association says Thomas also "misappropriated or failed to account" for $34,000 in an account the client shared with her spouse.
Thomas also applied for loans and a line of credit in the client's name totalling $64,000.
In October 2019 the bank realized what happened and reimbursed the client for her loss.
Thomas was promptly fired from the bank where she had worked since 2012.
An interim hearing is scheduled by the Mutual Fund Dealers Association for June 14 before a full hearing gets underway in October.
On the criminal charge, Thomas is now awaiting sentencing but a date is yet to be finalized.
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