An Ontario-based financial advisor with Investia Financial Services has been fined $16,000 and imposed costs of $8,400 plus a special penalty of $5,000 after a hearing panel of the Mutual Fund Dealers Association (MFDA) found she had either obtained or altered pre-signed account forms.
Neither Helen Catherine Harry, nor a lawyer representing her, responded to proposed hearing dates to deal with the allegations, so the hearing went on without her.
Altered forms, including cutting and pasting signatures
The MFDA Hearing panel was told that between January 2009 and January 2019 Harry possessed 14 pre-signed account forms for five clients, altered and used to process 18 account forms without clients initialling the changes as well as cutting and pasting three client signatures onto two new account forms and submitting them for processing. This was done contrary to Investia compliance policies.
During an internal Investia review, Harry admitted she had obtained pre-signed forms but said she did so mainly for client convenience. She claimed she altered the forms when clients requested changes but she forgot to have the clients initial the changes, or when errors had been discovered on the forms after the meetings when the forms were signed.
Investia placed Harry under strict supervision.
None of the client responses received by Investia reported any unauthorized transactions, inaccurate records or other concerns. Most of the pre-signed forms were not used but the hearing panel said this did not excuse the misconduct.
