A former Kentville, Nova Scotia dealing representative is being fined $5,000 after signing the electronic signatures of five clients on 14 account forms and submitted the forms to her firm for processing and for misleading her firm by initially denying the allegations.
In deciding whether to accept or reject the settlement agreement with Autumn Kaylee Farmer, the Canadian Investment Regulatory Organization (CIRO) hearing panel noted that it would have imposed greater sanctions upon seeing the evidence but did not find that the sanctions fell outside the test determining what is reasonable and appropriate.
In the regulator’s reasons for decision, it says staff were satisfied that the former Scotia Securities Inc. dealing representative did not have the financial resources to pay higher monetary penalties.
Registered since May 2019 until she was terminated in November 2020, Farmer is not currently registered in the securities industry. In addition to her fine in the amount of $5,000 and costs in the amount of $5,000, Farmer is also barred from conducting securities related business while employed or associated with any CIRO member firm for 12 months.
“In response to staff’s submission the respondent accepted responsibility for her misconduct. She apologized for her actions and took no exception to staff’s representations,” the reasons state. “She wanted only to rectify the situation.”
