In a series of decisions, the Mutual Fund Dealers Association of Canada (MFDA) has fined multiple representatives for making use of pre-signed forms.
According to the separate decisions, Oakville, Ontario representative Aparna Prabhune, Halifax, Nova Scotia-based representative, Matthew Jason Bishop, and Nobleton, Ontario representative, Deborah Morra will each pay fines and costs to the MFDA for obtaining, possessing and using pre-signed forms.
Prabhune is accused of obtaining 10 pre-signed forms for seven different clients between 2010 and the end of 2018. The Canfin Magellan Investment Inc. representative is also accused of altering 16 account forms for 11 different clients between 2013 and 2016, and using the forms to process transactions. All told, Prabhune will pay the MFDA a fine in the amount of $8,500 and costs in the amount of $2,500.
Bishop, a registered representative in Ontario and Nova Scotia, and for a period in British Columbia as well, has been registered since October 2004 with Worldsource Financial Management Inc. He is accused of obtaining and using 31 pre-signed account forms for 15 different clients. Bishop will pay a fine of $12,500 and costs in the amount of $2,500.
Morra, meanwhile, also a registered representative with Worldsource since 2004, will pay a fine of $11,500 and costs totaling $2,500 after she was accused of obtaining and using 28 pre-signed forms for 13 different clients between 2012 and 2018.
In all three cases the MFDA says the respondents had no prior disciplinary history with the regulator. Also in all three cases, there was no evidence of client loss or lack of authorization for the underlying transactions.
