TD Waterhouse fined for denying widow access to husband's accounts

TD Waterhouse has admitted it violated Nova Scotia security laws and has been fined $10,000 after a Tantallon widow was forced to battle the investment firm for months to access her late husband's accounts — money that was rightfully hers.

The Nova Scotia Securities Commission released the settlement agreement with TD Waterhouse Wednesday. It said the firm broke the law "by failing to provide account statements and trade confirmations to its client as requested and required by law."

The securities commission launched an investigation into the matter in August 2014 after Jean Lewis filed a complaint, frustrated after months of dealing with TD Waterhourse.

"I did it because I was hoping it won't happen again to somebody else who lost their spouse," Lewis told CBC News Wednesday.

"When you're dealing with loss of a loved one you don't need all that dumped on you. There was no need of it."

Husband's will was explicit

Her husband, Larry Lewis, made a will after being diagnosed with cancer, clearly and unequivocally leaving everything to Jean. 

After he died, she asked TD Waterhouse for detailed statements for each of her late husband's accounts, but was told it would cost her $50 an hour for them to gather the documents. TD Waterhouse later promised the paperwork, but it never materialized.

As she struggled with the firm and the loss of her husband, Lewis was told by a TD Waterhouse official that her husband had left his money to another woman in the same community.

It was news that stunned her after 14 years of marriage. TD later acknowledged it had made a mistake and apologized for giving her incorrect information.

Money was deposited, but no documents

After CBC News contacted TD Waterhouse last year, it made a lump sum deposit to Lewis' account, but didn't provide any details of how it arrived at the amount.

TD Waterhouse subsequently reimbursed Lewis for a stock purchase she says she requested, but was never made, costing her thousands of dollars.

In addition to a fine of $10,000, the securities commission settlement agreement requires TD Waterhouse to comply with provincial securities law and pay costs of $1,000.

The commission says TD Waterhouse accepted responsibility for its conduct, was co-operative with commission staff and compensated Lewis.

"If I hadn't gotten the securities commission involved I wouldn't have got all my paperwork," Lewis said.

She now has a bank contact and said everything has been straightened out with TD Waterhouse.

However, she said the investment firm should open estate offices in each province, rather than force customers to deal with staff in Quebec, as was her experience.