In a separate case, another dealing rep is punished by MFDA for submitting unapproved Letters of Direction
An Alberta advisor has been handed a $12,500 penalty after admitting a raft of form violations.
Jared Keith Saffran has been a registered MFDA dealing rep with Sun Life Financial Investment Services since 2007. He admitted to a hearing that, between June 2013 and September 2017, he obtained, possessed, and used to process transactions, 28 pre-signed account forms in respect of 17 clients.
Also, the MFDA hearing concluded that, between June 2013 and August 2017, Saffran altered and used to process transactions, 13 account forms in respect of nine clients by altering information on the account forms without having the clients initial the changes. Saffran must also pay costs of $2,500.
Meanwhile, Jeffrey Thomas Williams has been banned for three months for a number of offences, including submitting five unapproved Letters of Direction.
From June 2008 to December 2013, Williams was registered in Ontario as a dealing rep with FundEX Investments Inc. From December 2013 to October 2018, the respondent was registered in the same province with Investia Financial Services Inc. He is longer registered in the securities industry in any capacity. The violations occurred in the Milton and Whitby areas.
An MFDA hearing concluded that, between January 2014 and June 2016, Williams obtained, possessed, and in some instances, used to process transactions, 12 pre-signed account forms in respect of nine clients. He also altered and used to process transactions, 18 account forms in respect of 14 clients by altering information on the account forms without having the client initial the changes.
Furthermore, the former advisor submitted five Letters of Direction directly to mutual fund companies to process transactions in the accounts of three clients without the knowledge or approval of the member firm.
Williams must also pay a fine of $3,350 and costs of $2,500.
Finally, Inocencia Bagongon Minierva was penalised a total of $3,500, including costs, for altering 15 account forms in respect of nine clients without having the clients initial the changes. These violations occurred between March 2015 and June 27, 2017.
The former B.C. Sun Life Financial Services-registered dealing rep altered the account forms by handwriting changes without the client initialling the documents. The altered account forms included new account application forms, transfer authorization forms, Know-Your-Client (KYC) update forms, direction for payment to RESP forms and Education Savings Grant forms. The alterations Minierva made to the account forms included alterations to fund codes, KYC information, client information and withdrawal amounts.
Sun Life terminated the respondent’s registration and she is no longer in the securities industry in any capacity. Minierva, the MFDA hearing heard, has been diagnosed with a serious medical condition, which was considered when setting the penalty.
