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August 09, 2023 - 7:00 PM
A BC financial advisor is on the hook for $30,000 for using photocopied and pre-signed account forms from clients to make trades.
Baljit Bassi Rana, of Golden, was fined $18,000 and ordered to pay $2,500 in costs to the Canadian Investment Regulatory Organization after he came to a settlement with the financial regulator.
According to an Aug. 9 Mutual Fund Dealers Association of Canada decision, Baljit Bassi Rana photocopied the signature pages from account forms previously signed by two clients, altered information on some account forms, and submitted pre-signed account forms.
The conduct took place between 2016 and 2021 and involved 20 clients.
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Mutual fund dealers are prohibited from using pre-signed forms from their clients or reusing signatures by photocopying them.
The regulator says Rana didn't benefit financially from the conduct and it didn't affect any commissions or fees he was already entitled to.
The decision says that none of his clients complained about the practice of using pre-signed forms.
The decision says Rana worked for Sun Life Financial Investment Services and first got registered in 2007.
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It appears that Sun Life clocked the issue in 2021. Since then he has been under strict supervision at work and has to pay $400 a month to cover the cost of the supervision. To date, Rana has paid $7,200 in supervision costs and a $2,500 fine.
The regulator has now fined him a further $18,000, along with $2,500 in costs.
He has until Aug. 31 to pay.
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