CIRO schedules December hearing over alleged off-book investments involving 27 clients

The Canadian Investment Regulatory Organization has set an initial appearance in a disciplinary case involving Kevin Bradley Marleau for 1 December 2026 at 10 a.m. Pacific time. Its 28 October notice describes allegations that the respondent sought and received money from 27 clients for investments kept outside the firm's books, that the investments did not exist, and that the funds were misappropriated or otherwise not accounted for. These are regulatory allegations, not established findings of the hearing panel.[1]

The initial appearance is scheduled by videoconference in Vancouver; the date of the substantive disciplinary hearing will be set separately. CIRO says the alleged conduct occurred while Marleau was a registered representative with iA Private Wealth in the Terrace, British Columbia area, and that he is not currently registered in the industry. The notice makes allegations against the respondent; it does not establish findings against his former employer or determine restitution.[1]

An off-book investment is one that may not appear in an authorised dealer's account records or formal transaction confirmations. This matters because even a client who believes they are dealing with a familiar representative may not have placed money into an investment that the dealer has approved, supervised or can reconcile. Whether a firm had knowledge of a particular arrangement and whether any client claim is compensable are separate questions not resolved by the notice.[1]

How clients can distinguish recordkeeping from assurances

A client should be able to compare a product name, quantity, account number and payment instructions against statements generated through the authorised dealer. A personal assurance, email or presentation from an individual representative is not the same as an independently verifiable custody or transaction record. The reportable warning sign is a mismatch or absence of authorised documentation, not the fact that a product is unfamiliar.[1]

For compliance teams, the notice is a practical reminder of why the destination account for client funds, transaction confirmation and register of approved outside business activities matter. The situation also illustrates the limits of a platform screen: a purported investment never recorded in the official dealer systems cannot be validated simply from an unrelated market quote.[1]

No amount is characterised here as recovered or ordered payable; CIRO's announcement concerns a scheduled proceeding and its allegations. The next confirmed procedural event is the 1 December appearance. The disciplinary panel, not the scheduling notice, will determine the case on the evidence before it.[1]

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