The Mutual Fund Dealers Association of Canada announced that Jake Florentino Cadigal has been fined $15,000 plus costs of $2,500.
A Hearing Panel of the Prairie Regional Council approved the settlement agreement on July 9. In the settlement agreement, Cadigal admitted that “between March 2015 and October 2016, without the knowledge, authorization or approval of client LT, he signed the signature of client LT on nine account forms, thereby falsely representing that client LT was aware of and had approved the content of the forms and that she had authorized a redemption from the account when that was not the case,” says the MFDA.
He was also named in the will of his client LT as executor of her estate which gave rise to a potential conflict of interest between the client and himself, said the regulator.
Cadigal conducted business in Winnipeg during the period concerned. To learn more, consult the Settlement Agreement on the MFDA website.