Robert Angus Colvin, a dealing representative with Investia Financial Services Inc. in the Winnipeg, Manitoba area since 2009, agreed to pay $25,000 and costs in the amount of $5,000 after admitting he paid compensation directly to clients for fees and penalties incurred by the clients due to errors in his work.
In a settlement agreement with the Mutual Fund Dealers Association of Canada (MFDA), he also admitted to altering 30 account forms for 26 different clients and using those forms to process transactions, without getting clients to initial the alterations. The altered forms included 20 order instruction forms, systematic instruction forms, know your client update, automatic rebalancing and advisory service fee agreement forms. Investia also found seven pre-signed account applications. The earliest transgressions discovered date back to 2014.
Colvin’s habit of paying clients directly, meanwhile, without obtaining his firm’s consent, began in 2010. Between October 2010 and November 2019 he paid compensation totalling approximately $1,376 directly to nine clients for fees and penalties incurred due to his errors.
Registered in the securities industry since 1996, Colvin was also ordered to complete the Ethics and Professional Conduct Course offered by the IFSE Institute before November 2023.
