A hearing panel of the Mutual Fund Dealers Association of Canada (MFDA) has ordered former Investia Financial Services Inc. representative, Sylvia Suk Fan Wong to pay a $20,000 fine plus costs totalling $10,000 after it found she used 26 altered forms to process transactions for 17 different clients without having clients initial the alterations. She is also accused of obtaining, possessing and using 12 pre-signed account forms for six different clients.
In its reasons for decision dated May 7, 2021, the MFDA ordered Wong to make all installment payments on her fine and costs before October 2021.
During the course of her hearing, Wong made several claims that there were procedural deficiencies in the pre-hearing and hearing processes, asserting that the claims against her should be dismissed. She also claims all clients consented to and approved of all information contained in the altered and pre-signed documents. The hearing panel says it was unanimous in its determination that the allegations against Wong have been proven on a balance of probabilities and dismissed each of her objections in turn.
The MFDA adds that Wong’s primary defense is that she has not offended any MFDA or Investia rule regarding altered forms because any alterations were made by the clients in her presence. “The prohibition against the use of pre-signed and improperly altered forms has been widely publicized by the MFDA to all of its members and dealing representatives,” the MFDA writes in its earlier decision and reasons document, published in February 2021. “The use of such forms has been held to be a contravention of MFDA Rule 2.1.1.”
