A financial advisor under the regulatory authority of the Mutual Fund Dealers Association of Canada (MFDA) has been fined $13,500 and costs of $2,500 after he altered the account forms of 31 clients, contrary to MFDA rules.
Kenneth Ray Clark of Fundex Investments in Brooklin, ON, agreed to a settlement after he acknowledged he had altered and processed 37 account forms in respect of 31 clients by changing information on the forms without the initials of the client.
The actions took place between May 2014 and November 2018.
Clark admitted to changing the forms
Clark acknowledged that he had altered the forms either by crossing out information on the forms or using correction fluid to change the information.
FundEx sent letters to the clients asking them to review their information to confirm that all trading activity had been completed as directed by the clients. No clients reported any concerns.
There is no evidence that Clark received any financial gain from the misconduct, nor has he been the subject of previous MFDA disciplinary hearings.
