The Mutual Fund Dealers Association announced that it has approved a settlement agreement with former Royal Mutual Funds advisor, Kyle Norman Kidnie.
Under the agreement, the former rep who conducted business in Elmira, Ontario, agrees to pay a fine of $2,500 and MFDA costs of $2,500. He is also barred from conducting any securities related business in any capacity with any MFDA member firm for a period of six months. Kidnie is currently not registered in the securities industry in any capacity.
Kidnie, in the settlement agreement, admits that he signed a client’s signature on three account forms and submitted the forms to Royal Mutual Funds for processing. He also admits that he mislead the firm during its investigation into his conduct.
The three forms, a retirement savings plan application, a know-your-client account opening form and a contribution acknowledgement form were first discovered by Royal Mutual Funds trade review, when the firm identified irregularities with the client’s signature. Although Kidnie initially denied signing the forms, he later admitted to the firm that he did not meet with the client to obtain her signature. Royal Mutual Funds terminated his registration in November 2017.
