A Canadian Investment Regulatory Organization (CIRO) hearing panel has accepted a settlement agreement with former dealing representative, Shawn Michael Obradovic Mollons, who was discovered to have signed the signatures or initials for five clients, on six account forms he used for processing, starting when he was just six months on the job.
Mollons is being fined $13,000 and assessed costs in the amount of $2,500. Although he is not currently registered in the industry in any capacity, the regulator further suspended the former Scotia Securities Inc. representative, prohibiting him from conducting securities related business for two months.
First hired in February 2021, Mollons is accused of making the alterations between August and November 2021. The first file, discovered during the review of a file maintained by Mollons, subsequently lead the dealer to complete a full review, which uncovered the remaining forms. The firm contacted impacted clients and had them complete new forms. The firm then terminated the Winnipeg, Manitoba representative in April 2022.