Advisor fined for altering account forms
An advisor has been fined for altering 12 account forms in respect of 10 clients, the majority by using liquid correction fluid.
Sean Patrick Edward Parker, a registered dealing rep with Sun Life Financial Investment Services since 2000, admitted the violations, which took place between 2012 and 2017. In addition, the Port Alberni, British Columbia advisor admitted obtaining, possessing and using to process transactions, seven pre-signed account forms in respect of six clients.
The first raft of violations involved the respondent altering the forms without having clients initialling the alterations. The forms included: 2 direction for payment from a RESP forms; 3 KYC forms; 1 limited trading authorization form; 1 new account application form; and 5 pre-authorized chequing forms.
Parker must also pay costs of $2,500.