Firm discovered the wrongdoing during a routine review
The altering of client forms by a dealing representative registered in Saskatchewan and Alberta has landed him with a financial penalty by Canada’s investment industry regulator.
Jordan Michael Snitzler has been working in the securities industry since 2009 and has not previously been subject to disciplinary proceedings by the Canadian Investment Regulatory Organization or its predecessor, the Mutual Fund Dealers Association.
However, CIRO’s hearing panel found that Snitzler breached Mutual Fund Dealer Rule 2.1 by obtaining, possessing, and using three pre-signed account forms for three clients between June 2019 and June 2021; and altering and using 30 account forms for 26 clients without obtaining client initials to authorize the changes between December 2016 and June 2021.
Snitzler was a dealing representative (and designated as a branch manager) of Investia from July 1, 2021, until December 27, 2023, when he resigned from the firm.
Investia conducted a branch review in 2022 and discovered the pre-signed and altered forms, contrary to its policies and procedures, and placed Snitzler under strict supervision. It also conducted an audit and contacted clients to ascertain whether transactions and KYC information was accurate. None expressed concerns.
In November 2023, the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) contacted Investia and said it was required to place Snitzler under close supervision and prepare monthly close supervision reports on his sales activities and dealings with clients.
Snitzler is now registered in Saskatchewan, Alberta, Ontario, and British Columbia, and is with Designed Securities Ltd. He remains under the FCAA’s requirements for close supervision.
CIRO’s hearing panel determined that the appropriate sanction was a financial penalty of $18,000 plus $2,500 costs.
