May 9, 2025
Two Mississauga financial advisors face a disciplinary hearing after $1 million was taken from an elderly client.
The Canadian Investment Regulatory Organization announced a hearing for former advisors Paul Vincent Ongcapin Encarnacion and Mari Sophia Mendoza Encarnacion.
The two advisors are accused of breaking several mutual fund dealer rules while working with PFSL Investments Canada Ltd. in Mississauga, according to a press release from the Canadian Investment Regulatory Organization.
The pair are not currently registered in the securities industry in any capacity.
The allegations relate to a client who was 85 years old and living in a retirement home between March 2023 and August 2023.
During this time, financial advisors accepted $1 million from the client and deposited the funds into personal bank accounts, according to the relevant facts statement. In addition, the client named a financial advisor as the sole beneficiary of his will.
The advisors failed to disclose to PFSL Investments Canada Ltd. that they had received $1 million from the client.
In 2024 the investments company learned the $1 million had been deposited in the advisors’ accounts. They recovered $885,869 and returned it to the client. In addition, the company “clawed back $23,930 of the commissions” but $114,131 was spent and $15,130 of the commissions was not recovered.
Paul Encarnacion had worked with PFSL Investments Canada Ltd. since May 9, 2007, and Sophia Encarnacion worked at the same business from Nov. 12, 2014. Both were fired on Feb. 20, 2024.
Between July 9, 2010 and Sept. 6, 2023, Paul was a branch manager for PFSL Investments Canada Ltd.
The pair worked with clients in Mississauga and Ontario.
The hearing is scheduled for Oct. 8 to 10, 2025 and members of the public can watch the proceedings.
Courtesy of Insauga – May 5, 2025
