A Costly Shopping Spree by a Former Broker
An extravagant $9,000 spending spree using a brokerage’s corporate credit card resulted in significant consequences for a former broker. Danielle Bianca Dela Cruz, who was previously licensed as a Level 1 salesperson and served as an insurance coordinator for an undisclosed brokerage, faced a $5,000 fine and a suspension of her license for three years. This information comes from a disciplinary decision by the Insurance Council of B.C., made public on January 13, 2025.
In June 2023, Dela Cruz transitioned into an administrative position, which permitted her to make company-related purchases using the corporate credit card. However, discrepancies surfaced on or around October 30, 2023, when the agency found irregularities in several receipts that Dela Cruz had scanned into their system.
According to the council’s findings, there were notable differences between itemized purchases listed on company credit card receipts and the total amounts Dela Cruz reported. For instance, an August 4, 2023, receipt showed a total of $122.98, but it was folded to obscure a $75 prepaid Visa card purchase, which the agency did not authorize. Similarly, a receipt from September 1, 2023, totaling $147.31 was manipulated to conceal a $100 prepaid Mastercard purchase. Yet another receipt dated September 14, 2023, showed a total of $185.28, but it was folded to hide two prepaid Visa card purchases amounting to $100 and $50.
Impact of TruStar’s Receivership on the Industry
Through a thorough review, the brokerage unearthed 58 questionable receipts dated between July and October 2023. It was determined that Dela Cruz had manipulated these receipts by folding them before scanning, thereby concealing parts of the purchases. The council’s investigation corroborated these findings.
Lacking original receipts, the brokerage sought assistance from the store where the purchases were made to obtain complete itemized descriptions. Of the 58 scrutinized receipts, the store could supply full descriptions for only four, covering 38 receipts in total. Ultimately, the brokerage confirmed that Dela Cruz’s unauthorized charges on the company credit card amounted to $9,000.
The brokerage nominee informed the council’s licensing department on November 6, 2023, that Dela Cruz’s employment was terminated due to her misuse of the corporate credit card. Following this, Dela Cruz sent an apology email to the brokerage’s director of operations on November 13, admitting to the unauthorized credit card usage and acknowledging her struggle with compulsive buying disorder. She expressed remorse and a desire to repay the misappropriated funds, albeit requiring a payment plan.
Regrettably, by September 2024, Dela Cruz had not made any repayments. Furthermore, she remained unresponsive to inquiries during the council’s investigation, as noted in their decision.
