In late December 2023, the Canadian Investment Regulatory Organization (CIRO) published a settlement agreement it reached in August with Mei-Hui Bobb after Bobb admitted she photocopied signature pages for five clients and used those signatures on seven forms which had been submitted for processing. She also admitted to altering 18 account forms for 15 different clients, without obtaining initials next to the alterations to indicate that they were authorized. The Surrey, British Columbia representative is also being sanctioned for keeping 17 pre-signed forms in her files for six different clients.
Registered since January 2018 as a dealing representative with PFSL Investments Canada Ltd., Bobb’s altered and blank pre-signed forms were discovered initially during a branch review and follow up review of her files. No clients expressed any concerns during the firm’s investigation.
In September 2022 PFSL issued a letter of reprimand and required Bobb to attend a two-day training course related to record keeping and deficient account forms. “The dealer member also implemented a remediation plan which required the respondent to meet with clients whose accounts the respondent serviced, to review their know-your-client (KYC) information while (being) monitored by her branch manager,” the settlement agreement states. Bobb was also required to complete remedial coursework offered by the Investment Funds Institute of Canada.
Under the terms of her settlement agreement with CIRO, Bobb agreed to a two-month suspension and a fine in the amount of $28,000. She also agreed to pay costs totalling $5,000.