A hearing panel of the Mutual Fund Dealers Association of Canada (MFDA) has accepted a settlement agreement between MFDA staff and former CIBC Securities Inc. representative, Tanya Francesca Castelino.
In the settlement agreement, Castelino admitted she signed the signature or initials of four clients on three account forms and submitted the forms to CIBC for processing. She also admitted to misleading CIBC during its investigation.
Castelino was first investigated after a compliance administrator identified possible signature irregularities on account forms the representative had submitted for processing. CIBC reviewed all of Castelino’s business over a six-month period and found two more of the account forms in question. During the course of its trade review, CIBC identified the fourth account form after Castelino submitted it for processing.
During interviews with CIBC, Castelino denied signing the forms. She was terminated in May 2018, and is not currently registered in the securities industry in any capacity.
As part of its settlement agreement, the MFDA has fined Castelino $13,500 and assessed costs in the amount of $2,500.
