The Canadian Investment Regulatory Organization (CIRO) has published its reasons for levying sanctions in the case of pre-signed forms found in the files of Zhicheng (Charles) Jiang. The president and chief executive officer ultimate designated person and chief compliance officer with Queen Financial Group Inc. agreed to a fine in the amount of $25,000 and agreed to pay costs in the amount of $5,000.
Discovered during a CIRO investigation into the firm’s activities, Jiang’s files revealed 14 pre-signed forms held for nine different clients, obtained between January 2012 and October 2018. Investigators also found two signed and undated cheques, payable to a fund company, which were never used or destroyed. It was also determined that Jiang also altered three account forms for two different clients during the same period, without getting the clients to initial those changes.
Registered in the industry since December 1998, the Markham, Ontario representative, also registered in British Columbia and Quebec, must also successfully complete the Investment Dealer Supervisors Course offered by the Canadian Securities Institute, or another supervision course approved by CIRO.