VOCM has learned that a former St. John’s financial advisor has been fined more than a million dollars and been permanently banned from ever doing business in the industry again.

Fifty-four-year-old Joan McCarthy was an advisor with the St. John’s branch of MD Management, which caters to investment planning for doctors.

Today, the federal regulator issued its final decision in the case, finding that McCarthy stole about $800,000 from six of her clients between 2006 and 2019, depositing their instalments in her own bank account by forging signatures.

Neither McCarthy nor her lawyer showed up for any of the disciplinary hearings. Nor did they ever respond to requests for her side of the story.

Meanwhile, McCarthy still faces 24 criminal charges; six each of fraud over $5,000, forgery, uttering forged documents and possessing property obtained by crime.

That case was scheduled for court today, but has been postponed for at least two weeks due to the pandemic.