Investigation into Bart Hunter reveals thousands of pre-signed forms that were blank or missing key information
The Canadian Investment Regulatory Organization (CIRO) has accepted a settlement agreement with sanctions against a former Big Six bank advisor who failed in his obligations regarding the proper execution of client documents.
Bart William Hunter, who’s not currently registered in the industry, was registered with Scotia Capital from January 2012 to February 2021. He was the lead advisor of the Hunter Financial Group within Scotia Capital’s Saskatoon branch.
According to the settlement agreement, Scotia Capital received a tip in February 2021 that the group had been using pre-signed forms in its operations. That prompted an on-site investigation by the firm, which yielded approximately 3,000 pre-signed forms.
“The forms that were seized from the Hunter Group were being stored for later use,
at which time the pertinent information could be entered,” the agreement said. “The Hunter Group had been using Pre-Signed Forms throughout previous years. As such, a number of other Pre-Signed Forms had already been inputted into Scotia Capital’s system.”
Among the thousands of pre-signed forms seized – mostly undated – were forms signed by members of the Hunter Group and ones signed only by clients. Hunter personally signed around 682 of the pre-signed forms.
The forms Hunter signed included 624 Account Information Change Forms (MKYCs) missing details on risk tolerances, investment objectives, and client assets; and around 58 accredited investor forms missing information specifying how clients met the accredited investor qualification criteria.
There’s no reported evidence that his actions resulted in client harm. Hunter fully cooperated with CIRO’s investigation.
Hunter has agreed to sanctions including a $70,000 fine and costs amounting to $5,000.
