Three dealing representatives – two primary approved persons and their assistant – with Sun Life Investment Services (Canada) Inc. in Scarborough, Ontario are being sanctioned by the Mutual Fund Dealers Association of Canada (MFDA).
According to their settlement agreements with the MFDA, Jessica Miller and Edward Romaniuk were each sanctioned for pre-signed forms and for making alterations to forms without having clients initial the alterations. Miller also admitted to photocopying one signature page to complete two additional forms for that client. In Miller’s case the MFDA fined her $9,000 and assessed costs in the amount of $5,000. Romaniuk was fined $6,000 plus costs totalling $5,000.
Fined $20,000
The MFDA was more heavy-handed with their assistant, Sageev Satchithanantham. In this case the dealing representative was suspended for one month and fined $20,000 plus costs of $5,000.
Comparing the cases, in addition to the single photocopied signature, Miller obtained, possessed and used to process transactions, 22 pre-signed account forms for 18 different clients and altered forms three times for three different clients without getting the clients to initial the alterations.
Romaniuk obtained and used 18 pre-signed forms for 12 different clients and altered five account forms for four different clients without getting initials.
Photocopied the signature pages
Satchithanantham meanwhile admitted to photocopying the signature pages from used account forms and reusing such signature pages eight times for six different clients. He also obtained 80 pre-signed forms for use with 47 different clients and processed 18 account forms for 13 different clients by altering the forms without obtaining client initials. In addition to the fine, Satchithanantham is required to complete an ethics or professional conduct course within six months.
