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Regulator metes out series of sanctions for pre-signed account forms

By Kate McCaffery | Oct. 8, 2021, 3:55 p.m.

Four of the reps being disciplined come from the same firm.

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THE INVESTMENT FUNDS INSTITUTE OF CANADA (IFIC)

Exchange traded fund assets reach their highest total ever in 2023

Representative suspended two months, issued $28,000 fine for pre-signed forms

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CANADIAN SECURITIES ADMINISTRATORS (CSA)

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INVESTIA

More than five years of improperly altered client forms results in sanction

Representative terminated, fined $70,000 for being named in a client’s will

Regulator sanctions veteran dealing representative for seven pre-signed forms

Representative switching firms fined $20,000 for 47 pre-signed forms

MUTUAL FUND DEALERS ASSOCIATION OF CANADA (MFDA)

Repeat offender thrown out of the industry permanently

Firms, associations and reps weigh in on advisor compensation

Representative fined $125,000 and banned for accepting power of attorney

Assistant terminated and sanctioned for two years over pre-signed forms

IFSE INSTITUTE

Would-be representative sanctioned for disclosing client information to defunct firm

Investment Funds Institute of Canada president named

Representative sanctioned for paying clients for his errors

Rep suspended after 134 altered forms discovered

QUADRUS

Representative thrown out of the industry 10 years for outside activities

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Assistant conducting business outside of their registration, costs rep $5,000 fine

Representative pays $19,000 fine plus costs for photocopied signature pages

Disciplinary Decisions

Agent who defrauded retired couple banned from securities registration

Agency fined $20,000 for repeatedly allowing unlicensed activity

Mutual fund rep fined close to $1.7-million

Missing continuing education, lapsed liability insurance nets $4,000 fine