Saturday, May 25, 2024
HomeWealth ManagementFormer advisor banned for all times, fined $75,000

Former advisor banned for all times, fined $75,000


In December of 2019 Polischuk requested one other $25,000 mortgage from a shopper aged roughly 74, who was a pal of Polischuk’s father in keeping with the selections and causes. The mortgage was not repaid by the agreed upon reimbursement date in January of 2020. As a substitute, Polischuk requested one other $15,000 mortgage from the identical shopper, who declined the request. The mortgage was repaid with curiosity on February 25, 2020.

In February of 2020 Polischuk requested one other mortgage from a unique shopper, within the quantity of $30,000, telling his shopper he could be repaid by March twentieth, 2020. As of February 1, 2023 the mortgage nonetheless had an excellent steadiness of $5,000. Polischuk has been making $500 month-to-month funds to his former shopper to repay the mortgage.  

When one of many shoppers complained to Solar Life about their mortgage and subsequent lack of reimbursement, the member agency performed an investigation. On the time Polischuk claimed he solely had a mortgage settlement with one shopper, regardless of having loans from two others on the time.

Because of his misconduct Polischuk has been ordered to pay a effective of $75,000 in addition to prices of $10,000 — which won’t be payable till Might 15, 2025 as a consequence of his ongoing reimbursement of loans from his former shoppers. Polischuk has additionally been completely prohibited from conducting securities associated enterprise.

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