Toronto advisor stands accused of discretionary trading and falsification of client account forms
An August 16 release from the MFDA announced a settlement hearing involving Mr. Nathan Garries, who faces multiple charges of violating his clients’ trust.
The statement reports the following allegations served against Mr. Garries:
- Between May 1, 2013 and October 31, 2013, he processed 306 authorized discretionary trades as part of a dollar-cost averaging strategy in relation to 38 clients, contrary to MFDA Rules 2.3.1 and 2.1.1.
- Between September 2, 2010 and June 3, 2014, he failed to record and maintain evidence of client trade instructions with respect to 340 transactions that he processed for 48 clients, contrary to MFDA Rules 2.1.1, and 5.1(b).
- Between November 12, 2008 and July 18, 2014, he obtained and possessed pre-signed account forms or photocopies of pre-signed account forms (some of which were used to process transactions), contrary to MFDA Rule 2.1.1;
- Between January 21, 2011 and May 23, 2014, he falsified client account forms (which he subsequently used to process transactions) by altering the forms without having the alterations initialed by the clients, contrary to MFDA Rule 2.1.1.
The release does not indicate Mr. Garries’ response, if he has any, to the allegations. The settlement hearing is scheduled for October 24.
Related stories:
Securities law violators agree to ASC sanctions
