The Canadian Investment Regulatory Organization (CIRO) has fined Nova Scotia dealing representative, Robert Friesen $5,000 and has suspended him from acting as a branch manager after Friesen approved the use of altered account forms that were missing client initials next to the alterations.
The Nova Scotia dealing representative with Desjardins Financial Security Investments Inc. admitted that he reviewed and approved the use of 29 altered forms without having clients initial the alterations between January 2017 and February 2021.
In addition to the fine, Friesen is suspended from acting as a branch manager or in any supervisory capacity with any dealer member for six months.
“By entering into this settlement agreement, the respondent has saved CIRO the time, resources and expenses associated with conducting a contested hearing on the allegations,” the regulator’s settlement agreement with Friesen states. Despite this, the regulator still levied costs against the representative, ordering him to pay $2,500 in addition to his fine.
Registered since November 2004, a branch manager since July 2010 and a co-branch manager for four years before that, Friesen must also complete remedial branch manager’s course work acceptable to the regulator prior to acting as a branch manager or in any supervisory capacity in the future.
