WFG Dealer Connect, as reported by WFG Securities Inc.

On September 19, 2018, a trade document containing a client?s personal information along with redemption instructions was sent by fax from an advisor?s branch office in Alberta to the Organization. The document was intercepted at some point and the banking information initially provided was replaced and submitted directly to the fund company by fax for processing. This was an attempt to redirect funds to an unknown third party?s account with another bank. The breach was discovered on September 20, 2018, by an employee during the course of a transaction review. The client confirmed the account was not his, which led the Organization to believe that the funds may have been misappropriated. The Organization is unable to determine at what point the interception occurred. An investigation determined that no employees of the Organization were involved in the misappropriation of the information/funds.

File Type: pdf
Categories: 2019