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Representative switching firms fined $20,000 for 47 pre-signed forms

By Kate McCaffery | Jan. 15, 2024, 4:37 p.m.

Incomplete representative change forms sent to clients for signatures.

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Sanctions for pre-signed forms levied against former Fredericton rep

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Headlines

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INVESTIA

More than five years of improperly altered client forms results in sanction

Representative terminated, fined $70,000 for being named in a client’s will

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Pre-signed and altered forms cost representative $25,000

CANADIAN INVESTMENT REGULATORY ORGANIZATION (CIRO)

Agent who defrauded retired couple banned from securities registration

Mutual fund rep fined close to $1.7-million

Sanctions for pre-signed forms levied against former Fredericton rep

Firm fined $1.5 million for failing to supervise trading activity

MUTUAL FUND DEALERS ASSOCIATION OF CANADA (MFDA)

Repeat offender thrown out of the industry permanently

Firms, associations and reps weigh in on advisor compensation

Representative fined $125,000 and banned for accepting power of attorney

Assistant terminated and sanctioned for two years over pre-signed forms

Disciplinary Decisions

Inactive agent with an active license fined for not maintaining liability insurance

Supervisors fined when licensee leaves client uninsured for months

Agency fined $20,000 for repeatedly allowing unlicensed activity

Missing continuing education, lapsed liability insurance nets $4,000 fine