A three-person Hearing Panel of the Central Regional Council of The Mutual Fund Dealers Association of Canada has approved four settlements in cases involving signatures, announced the MFDA on Feb. 24.
In the first case, Jeffery Duffey was sanctioned with a $13,000 fine and $2,500 in costs. Between May 2008 and May 2015, he or his assistant altered and used to process transactions, six account forms for five clients by altering information on the account form without obtaining client initials authorizing the alterations. He or his assistant also used pre-signed account forms to process some transactions. Duffey conducted business in Ottawa at the time.
In the second case, David Lawrence Hennessey was sanctioned with $1,000 in costs and prohibited from conducting securities related business while employed by or associated with a MDFA Member for six months. In the settlement agreement, he admitted that between January 2015 and February 2015, he falsified the signatures of five clients on ten account forms, contrary to MFDA Rule 2.1.1. Hennessy conducted business in the Greater Toronto Area.
In the third case, Bin Tian was sanctioned with $1,500 in costs and prohibited from conducting securities related business while employed by or associated with a MDFA Member for four months for falsifying client signatures on account forms, and using the forms to process transactions. In the settlement agreement, he admitted that on or about June 23, 2015, he falsified four client signatures on account forms in respect of two clients, and used the forms to process transactions. Tian carried on business in the Scarborough, Ontario area at the time.
In the fourth case, Jean-François Rousseau was sanctioned with a fine of $11,000 and $2,500 in costs. In the settlement agreement, Rousseau admitted that between February 2010 and March 2015, he altered, and in some instances, used to process transactions, forty-six account forms by altering information on the account forms without obtaining client initials authorizing the alterations. During this time, Rousseau conducted business in the Etobicoke, Ontario area.