A hearing panel of the Canadian Investment Regulatory Organization (CIRO) issued its reasons for fining Investia Financial Services Inc. dealing representative, Albert Marcel Joseph Routhier $25,000 in another case of pre-signed and improperly altered client account forms.
During an April 2021 review of Routhier’s files, Investia found 42 account forms, altered on behalf of 34 clients where alterations were made without obtaining client initials to indicate that the changes were authorized. The forms were reportedly altered between November 2015 and February 2021. Between April 2016 and July 2019, he also obtained, possessed and used three pre-signed account forms for three different clients.
At all material times, the firm’s polices and procedures prohibited the alteration or correction of any information on signed documents without obtaining client initials to show the changes are approved. Policies and procedures also prohibited representatives from having clients sign any forms that are blank or partially completed.
Following the review of Routhier’s files by Investia, the firm placed the representative under strict supervision for almost four months and sent audit letters to all of Routhier’s clients. “No clients reported any concerns to the member in response to its letters,” the settlement agreement states. Investia also required Routhier to pay $992, an administrative charge to cover the costs of the audit letter mailings to clients. “Ther was no evidence of client complaints, client loss, or lack of client authorization for the underlying transactions.
In addition to the $25,000 fine, the Kanata, Ontario representative has also paid costs in the amount of $2,500.