Blaine Patrick Arnold, in February 2021, received information that a team under his supervision at the Saskatoon, Saskatchewan branch of Scotia Capital Inc. were using pre-signed forms and reported this to Scotia Capital’s compliance department. Two years later the former branch manager is being sanctioned himself after approximately 3,000 pre-signed forms were seized from the financial team’s offices.
“The respondent was branch manager for a team that was responsible for thousands of client forms that were improperly executed. The forms in question were signed by clients but were either blank or missing key information. The respondent signed 599 of these forms in his capacity as branch manager,” the settlement agreement between Arnold and a hearing panel of the Canadian Investment Regulatory Organization (CIRO), states.
The Hunter Financial Group financial team consisted of three investment advisors and four associates, servicing approximately 869 clients. The pre-signed forms seized were being stored in bankers boxes kept in an empty cubicle.
After admitting he failed in his supervisory responsibilities, Arnold agreed to pay a fine in the amount of $35,000, costs in the amount of $5,000 and a six-month suspension from any supervisory role. Arnold is not currently registered with any dealer member of CIRO. Prior to acting in a supervisory capacity again in the future, he must also successfully complete supervisory coursework and an exam.
