Brian Malley, arrested last week for first-degree murder and two other charges, is now being investigated by Canada's securities regulators.
Malley was the financial advisor for Vicky Shachtay, 23, who was murdered in her ground-level apartment Nov. 25, 2011 after opening a package delivered outside of her house triggered to explode.
David Thomas, director of public affairs for the Investment Industry Regulatory Organization of Canada (IIROC) confirmed last week Malley's past investment dealings were being looked into.
The organization oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
Thomas said the organization does not comment on an investigation unless a public hearing is issued. At that point the date and location of a hearing would be released online.
Penalties for guilty parties can include a fine up to a maximum of $1 million per contravention or an amount equal to three times the profit made or loss avoided by reason of the contravention.
In an email, Murray Oxby, director of communications for Assante Wealth Management confirmed Malley was an advisor with Assante Capital Management. His registration with the IIROC has been terminated by Assante.
Oxby also wrote that as a precautionary measure, Assante's compliance department is conducting a comprehensive review of all of Malley's client accounts.
The clients' accounts have also been transferred to Assante head office for continued service. Oxby wrote the clients will be contacted of the change. He asked that clients not contact the branch for information or service but rather contact a financial advisor at 1-800-268-3200 and ask for national accounts.
According to court documents, Malley claimed bankruptcy in 1988 with close to $86,000 in total liabilities. At that time he had nearly $73,00 in total assets. He was given an absolute discharge.
Shachtay was a single mother of one confined to a wheelchair as a result of injuries she sustained in a vehicle collision in 2004 for which she reportedly received an insurance settlement.
During a press conference Monday May 28, police would not confirm if finances were a motive in the murder.
Sister Sarah Shachtay also spoke during the press conference and said she wasn't surprised by the arrest because Malley had handled her sister's finances. She said her sister was loved and cared for and there seems to be no other reason why someone would kill her.
She said Shachtay was a loving and caring mother and that is how she should be remembered.
In a press release issued by Shachtay's stepfather Rick Bercier last Tuesday, he said it has been a “very distressing time” and “to discover that the person they have charged is someone we know is unthinkable.” He added he has found forgiveness because he can't live with that blackness in his heart, particularly now that he has Shachtay's daughter, Destiny.
