The Canadian Investment Regulatory Organization (CIRO) has sanctioned Joshua Emanuel Mifsud, fining Mifsud $5,000 and imposing costs in the amount of $2,500 after the former dealing representative cut and pasted signatures for two clients onto four account forms in September 2021.
Registered in the securities industry since March 2016, Mifsud was with the firm which terminated him for less than four months. Specifically, he is accused of cutting and pasting signatures onto three account opening forms and one redemption form. Representing himself at the CIRO hearing, Mifsud said he volunteered the information to his superior and the forms with copied signatures were not used. After joining the firm in June that year, Mifsud was terminated in October 2021.
Although the regulator’s staff originally asked for penalties totalling $22,800, the hearing panel took into account the fact that the transgressions occurred during the COVID-19 pandemic when governments warned people against meeting in person. It also took into consideration the fact that no clients complained about lack of authorization. The Halton Hills, Ontario former representative has since left the industry and is not currently registered in any capacity.
