Tuesday, July 6, 2010

Ontario broker's license revoked for serving clients unknown to her brokerage

Ontario's broker regulator has revoked the broker's license of Careen Edwards for a history of serving clients of whom her brokerage was unaware.
Registered Brokers of Ontario (RIBO) began investigating Edwards after a client walked into the office where she worked to report an accident. The brokerage had no record of the person being a client.
The client told RIBO she paid Edwards $4,000 in cash for auto insurance, but did not receive a receipt for the payment. The insurer had no record of the client.
Edwards was placed on paid leave in July 2009 while the brokerage conducted an internal audit.
"On July 15, 2009 Ms. Edwards' employment with the brokerage was terminated after they were able to access Ms. Edwards's computer terminal and discovered that there [were] binder letters sent out to leasing companies binding coverage on several vehicles and there were also certificates of insurance that had been produced for the several individuals where there were no corresponding applications," RIBO notes in the ‘Discipline Digest' section of its Summer 2010 newsletter. "Checking with the various insurance companies only confirmed that the individuals did not have valid insurance nor were they clients of the brokerage."

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