A Canadian Investment Regulatory Organization (CIRO) hearing panel published its reasons for decision in the case of Halifax, Nova Scotia-area dealing representative Gilbert VanAmburg. It confirms the representative was fined $17,500 and assessed the regulator’s costs in the amount of $2,500.
“The conduct in this matter is serious,” the reasons document states. “The respondent obtained, possessed and used to process transactions, seven pre-signed forms in respect of nine clients and altered and used to process transactions, 16 account forms in respect of 14 clients, by altering information on the account forms without having the client initial the alterations.”
First registered in the securities industry in February 1985, and a dealing representative with Investia Financial Services Inc. since September 2008, VanAmburg was placed on strict supervision once the forms were discovered. Investia also sent letters to all of VanAmburg’s clients and issued a warning letter in December 2021. “No clients responded to the member’s letters with any concern,” CIRO states.
“We believe that the penalties provided for in the settlement agreement are within the range of reasonableness under the circumstances, will specifically deter the respondent, Mr. VanAmburg, and will also deter others from engaging in similar misconduct,” the reasons for decision document states.
