The New Self-Regulatory Organization of Canada (New SRO) announced it has accepted a settlement agreement with Robert Jason Alexander, over nine forms uncovered during a branch review and subsequent investigation which were either altered and used without obtaining a client’s initials or were processed using photocopied signature pages.
The regulator says the Quadrus Investment Services Ltd. dealing representative, with the firm since 1997, admitted in the settlement agreement that between January and September 2020, either he or his assistant photocopied signature pages from account forms previously signed by clients, and re-used those signatures to process six account forms for three different clients. The branch review and investigation also uncovered three account forms, processed between February 2019 and April 2020, which were altered and used without obtaining the client’s initials next to the alterations.
When the firm discovered the deficient account forms, it conducted a full review of client files, sent audit letters and portfolio summaries to Alexander’s clients, issued a disciplinary letter and placed the representative under close supervision for six months. During that time Alexander paid $2,000 in fees to the firm during the close supervision period. “There is no evidence of client loss, complaints or lack of authorization,” the regulator’s settlement agreement states.
