Archive · 14 Jan 2026
Scotiabank Fires Analysts Over Personal Trading Policy Breach
Two brothers who worked as stock analysts at Scotiabank were fired in 2024 for allegedly breaking the bank's rules about personal trading.
They traded a lot in a small company's stock and talked to that company's finance chief, which the bank says is not allowed.
The brothers say they were treated unfairly and are suing for their jobs back and money.
The bank says it did a thorough investigation and had good reasons to fire them.
Three compliance employees were also fired because they didn't report the trading issues properly.
The case will go to trial in 2027.
Two Scotiabank analysts, Michael and George Doumet, were fired in May 2024 for alleged breaches of the bank's personal trading policy.
The breaches involved frequent trading in Data Communications Management Corp. (DCM) stock and regular communication with DCM's CFO, James Lorimer.
The brothers are suing Scotiabank for wrongful dismissal, seeking a combined C$1.65 million in severance pay and damages.
Three senior compliance employees were also dismissed for failing to escalate the trading concerns.
Scotiabank declined to comment on the matter due to ongoing litigation.
- Who
- Michael and George Doumet, two brothers and former Scotiabank analysts
- What
- Firing of the Doumet brothers for alleged breaches of Scotiabank's personal trading policy
- When
- Terminations occurred in May 2024, with a trial set for September 2027
- Where
- Scotiabank's Montreal office and other locations
- Why
- Alleged violations of Scotiabank's personal trading policy, including frequent trading in DCM stock and communication with DCM's CFO
- Analysts Involved
- Michael Doumet and George Doumet
- Company
- Bank of Nova Scotia (Scotiabank)
- Alleged Breach
- Personal trading policy
- Termination Date
- May 2024
- Severance Sought
- C$1.65 million
- Trial Date
- September 2027
- Stock Involved
- Data Communications Management Corp. (DCM)
- Profit from Trades
- C$1 million (estimated)