Long-serving Royal Mutual Funds employee resigned after violations were revealed
A former advisor has been fined $15,000 for falsifying the signatures of two clients on 10 redemption forms.
Norman John Haines worked for Royal Mutual Funds in Vancouver from 2003 to 2018, when his violations came to light and he resigned.
An MFDA hearing panel heard how the company commenced an investigation into Haines, which resulted in them identifying redemption forms with respect to one client with signature irregularities.
Royal Mutual Funds subsequently conducted a review of 25% of the trade forms processed by Haines between January 2017 and February 2018, which resulted in the firm identifying the remaining redemption forms where the respondent had signed the clients’ signatures.
Haines must also pay costs of $2,500.
