The Canadian Investment Regulatory Organization (CIRO) has fined Micheal Bock, a Calgary-area dealing representative with Investia Financial Services Inc., levying a $28,000 sanction and requiring Bock to complete remedial education, after the firm uncovered improperly altered account forms and pre-signed client account forms in Bock’s files.
Specifically, Bock is accused of altering and using 69 account forms to process transactions for 56 different clients between September 2015 and January 2021. He also obtained, possessed and in some instances used 18 pre-signed account forms for 18 different clients during the same period. The alterations included changes to client risk tolerances, withdrawal amounts, investment objectives, income, net worth, plan type, fund codes and names and client addresses.
Placed under close supervision
Registered since 1997 and a dealing representative with Investia since September 2008, Bock was placed under close supervision once the firm discovered the forms during an internal investigation. Bock paid the firm $1,445 to offset the strict supervision costs and the cost of sending letters to his clients to confirm that their trading histories were authorized.
“The hearing panel directed parties to make submissions on costs, which will be determined separately,” the regulator stated in an announcement about the decision.
In addition to the fine, Bock must also complete an ethics and professional conduct course offered by the IFSE Institute, or a different industry course acceptable to CIRO staff within one year of the February decision.
