Ethics course, $22,000 fine, and $5,000 costs ordered in CIRO hearing on misconduct allegations
The Canadian Investment Regulatory Organization (CIRO) has issued sanctions against Ryan Rilloraza Manalang under the Mutual Fund Dealer Rules.
These sanctions follow findings of misconduct, with the decisions issued by CIRO’s Saskatchewan District Hearing Panel.
The panel fined Manalang $22,000 and ordered him to complete an ethics or industry course acceptable to CIRO Staff within one year. Additionally, Manalang must pay $5,000 in costs.
A payment schedule has been arranged, requiring an initial payment of $10,000 by February 10, 2025, followed by 31 monthly instalments of $550 starting in March 2025.
CIRO’s findings, based on hearings held on multiple dates between 2023 and 2025, centred on two allegations:
In April 2021, Manalang photocopied and reused signature pages from two previously signed client account forms, modifying account details and submitting the forms for processing. This was deemed contrary to Mutual Fund Dealer Rule 2.1.1.
Between January 2020 and April 2021, he obtained, possessed, and in some cases used 29 pre-signed account forms involving nine clients, also violating the same rule.
Manalang, who conducted business in Saskatoon, Saskatchewan, during the period of misconduct, argued that these actions were errors in judgment made during COVID-19 restrictions, citing his intent to prioritise client convenience.
Despite expressing remorse and ceasing such practices, the panel found the violations significant, noting that CIRO had issued clear guidelines on the prohibition of pre-signed and altered forms.
CIRO emphasised the importance of protecting investors, maintaining market integrity, and deterring similar conduct.
Although no financial harm or unauthorised transactions were identified, the panel underscored that Manalang’s actions compromised the integrity of account documentation and the audit trail.
Manalang is no longer registered with a CIRO-regulated firm as of December 27, 2024.
