Two former FundEX Investments dealing reps receive MFDA penalties for slew of offences
A veteran advisor has been fined $22,500 by the MFDA for more than 150 form violations.
Perry Graham had been registered in the mutual fund industry since 1986. Since 1997, he had been registered in Ontario as a dealing rep with FundEX Investments Inc, with whom he had also been registered in Saskatchewan and in British Columbia.
At a regulatory hearing, Graham admitted that, between May 2012 and March 2018, he obtained, possessed, and in some instances, used to process transactions, 49 pre-signed account forms in respect of 30 clients. Also, between February 2012 and March 2018, he altered, and used to process transactions, 124 account forms in respect of 66 clients by altering information on the account forms without having the client initial the alterations.
Graham must also pay costs of $2,500.
Meanwhile, another former FundEX Investments dealing rep has also been fined $16,500 for more than 100 form violations.
Waterloo, Ontario-based Shawn Thomas Culliton has been registered in the mutual fund industry since February 1994 and with FundEX since 1999.
He admitted that, between January 2012 and February 2018, he obtained, possessed, and in some instances, used to process transactions, 112 pre-signed account forms in respect of 31 clients. Also, between February 2013 and April 2017, he altered and used to process transactions, five account forms in respect of five clients by altering information on the account forms without having the client initial the alterations.
Culliton must pay costs of $2,500.
