The Canadian Investment Regulatory Organization (CIRO) issued its reasons for fining Robert Jason Alexander Fulton $19,000 plus $5,000 in investigation costs, after he admitted that either he or his assistant photocopied signature pages to complete forms for three clients between January and September 2020. The dealing representative and his assistant were also accused of altering three account forms and using them to process transactions without obtaining client initials next to the alterations sometime between February 2019 and April 2020.
“This kind of misconduct by approved persons in some firms continues to occur, notwithstanding MFDA (Mutual Fund Dealers Association of Canada – one of CIRO’s two predecessor organizations) notices and sanctions imposed in previous cases. The sanction in this case should serve the goal of general deterrence by sending a message,” the reasons for decision document states. “Those who engage in similar conduct will face meaningful penalties.” It adds that the MFDA first warned the industry against altering account forms and photocopying signatures in a notice first published back in October 2015.
Registered since February 1997 as a dealing representative with Quadrus Investment Services Ltd., Fulton was disciplined by his firm in October 2020 and placed under close supervision for six months. All told he paid $2,000 in fees to Quadrus in supervision fees during the close supervision period. During an audit of Fulton’s client file, no clients contacted Quadrus with any concerns.
