Ex-clients detail anguish at London financial planner’s disciplinary hearing

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Adma Abado should enjoy a carefree retirement full of travel and time spent with his family.

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Adma Abado should enjoy a carefree retirement full of travel and time spent with his family.

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Instead, the widow’s savings disappeared and she re-mortgaged her home after losing hundreds of thousands of dollars in investments with London financial adviser Chanrith Yin, who is accused of embezzling nearly 1, $4 million of his clients’ money, a disciplinary panel heard Thursday.

“It’s really hard to see because I want her to be happy and I want her to travel and enjoy life and she can’t,” Christina Abado said of the toll the ordeal has taken. submit to his mother.

Yin, 41, failed to appear at the Mutual Fund Dealers’ Association hearing, where a panel heard moving accounts of the financial fallout suffered by his former clients.

The Abados invested $818,000 with Yin, who promised annual returns of 5-10% through private mortgage investment, over a five-year period. But the monthly interest payments eventually stopped, and Yin never repaid his main investment, except for an $80,000 installment, the panel heard.

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  1. Inset Chanrith Yin owned this remarkable house on Elmwood Avenue in London's Wortley Village.  The financial advisor faces several lawsuits from clients.  (MIKE HENSEN, The London Free Press)

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  2. London financial adviser Chanrith Yin is charged with four counts of professional misconduct by the Mutual Fund Dealers Association.  The association accuses Yin of embezzling $1.4 million from 11 investors.  He was also charged by London police with fraud and possession of property obtained by crime.

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  3. London financial adviser Chanrith Yin is charged with four counts of professional misconduct by the Mutual Fund Dealers Association.  The association accuses Yin of embezzling $1.4 million from 11 investors.  He was also charged by London police with fraud and possession of property obtained by crime.

    Legal woes pile up for financial adviser charged with $1.5 million client fraud

  4. A two unit home located at 152 Elmwood Ave.  in London was sold this week in a foreclosure sale for $1.8 million, or $800,000 more than the asking price.  The house belonged to financial adviser Chanrith Yin, who faces criminal charges, malpractice charges and legal action.  (Dale Carruthers/The London Free Press)

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  5. London Police Headquarters (file photo)

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  6. This two-unit home at 152 Elmwood Ave., the last known address of accused fraudster Chanrith Yin, recently went on sale for $999,999.  TD Bank is selling the property, according to a realtor familiar with the listing.  (Dale Carruthers/The London Free Press)

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It was a similar story for Leticia Gopaul, who invested $80,000 with Yin in a one-year deal with a promised 20% return.

“There were some really dark times, a lot of anxiety, a lot of pressure, tremendous stress. It made me question myself. It made me less trusting of people,” Gopaul said, at through the tears.

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Gopaul, who received $26,680 in interest payments, feels an added burden because she referred family members to Yin.

“I feel like it changed me forever. It’s not something I can undo, but I’m grateful that we’re getting . . . a certain type of voice and a certain type of resolve to that.

The association has recommended $1.7 million in fines and penalties as well as a lifetime ban from working in the financial sector for Yin, who is accused of embezzling or failing to account for money clients, soliciting funds for unapproved investments, engaging in matters that were not disclosed to the association and refusing to cooperate with the regulator’s investigation.

“The refusal to cooperate has significantly impeded staff’s ability to investigate this matter,” said Justin Dunphy, law enforcement attorney for the association.

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In total, Yin raised $1.68 million through Nobis Group Property Management and Leasing – of which $314,000 was paid out in interest installments and lump sum payments – from 10 investors and one other person between 2014 and 2019, according to the association.

Dunphy detailed the association’s extensive efforts to contact Yin by regular mail, registered mail, email and a visit to his office. Process servers also unsuccessfully attempted to deliver documents to Yin at her home in the Old South, a former address in London and her mother-in-law’s house in Lakeshore.

“In our opinion, he made active attempts to avoid contact,” Dunphy said.

The panel heard how Yin earned the trust of his clients – many of whom he met while providing tax services – by visiting their homes for meals, introducing them to his son and sharing intimate details about his life.

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“He came to our house for the meals. My mother sent him home with food,” Christina Abado said. “We felt quite close to him.”

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The panel saw online exchanges between Yin and customers who were desperate to get their money back. In these conversations, Yin alternated between making excuses about why he couldn’t return their funds and promising to send checks – most of them bounced – before finally breaking off communication.

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Yin told some clients that he planned to sell his Old South home and use the proceeds to pay them back, but that never happened.

A two unit home located at 152 Elmwood Ave.  in London was sold in a foreclosure sale for $1.8 million, or $800,000 more than the asking price.  The house belonged to financial adviser Chanrith Yin, who faces criminal charges, malpractice charges and legal action.  (Dale Carruthers/The London Free Press)
A two unit home located at 152 Elmwood Ave. in London was sold in a foreclosure sale for $1.8 million, or $800,000 more than the asking price. The house belonged to financial adviser Chanrith Yin, who faces criminal charges, malpractice charges and legal action. (Dale Carruthers/The London Free Press)

The house at 152 Elmwood Ave. sold for $1.8 million earlier this year in a foreclosure sale by TD Bank. The upscale duplex had been vacant for nearly two years, resulting in water damage and mold.

Property records show that Yin took out a mortgage from TD Bank for $1.74 million in 2018. He also took out another $1.1 million mortgage from private lenders, including a $300 loan. $000 from the wife of an alleged member of the Hells Angels.

TD Bank is among more than half a dozen plaintiffs suing Yin, claiming nearly $3 million in lost investments, damages and unpaid debts. All cases remain before the courts.

Yin also faces criminal charges of fraud and possession of property obtained by crime. The case remains in court.

The Disciplinary Committee will make its decision next week.

Gopaul urged the panel to consider the many lives that Yin’s alleged actions have affected.

“Personally, I would just ask the people making these decisions to consider that these are real lives of people who have worked very hard and tried to improve their position in life,” she said. .

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