William Donald Craven entered into a settlement agreement with the Mutual Fund Dealers Association of Canada (MFDA) after the former FundEX Investments Inc. dealing representative agreed to sanctions after 134 account forms altered for 94 different clients were discovered during the course of a November 2020 supervisory review.
Craven is currently a dealing representative with Investia Financial Services Inc., employed there since July 2021. Prior to that, between March 2003 and July 2021 he was registered as a dealing representative with FundEX.
The altered information on the forms included client objectives, time horizons, redemption fee and commission rebate amounts, fund details and codes, plan types and payment dates. In addition to the altered account forms, the FundEX investigation also recovered five pre-signed account forms in five different client files.
In December 2020 FundEX placed Craven under strict supervision, which ended April 2021. Craven paid FundEX $1,875 in fees related to the supervision and another $1,260 for the transaction statements and letters it sent to affected clients. In April the firm also issued a warning letter to the representative.
No evidence of client loss, complaints or lack of authorization
The MFDA says there is no evidence of client loss, complaints or lack of authorization. In addition to suspending Craven for 30 days, beginning in late August 2022, it also ordered the representative to pay a fine in the amount of $20,000 and costs totalling $2,500. As well, he is ordered to take coursework, the Ethics and Professional Conduct Course, offered by the IFSE Institute before the end of August 2023.