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.
The second group of violations referred to alterations to KYC information, account numbers, banking information, investment amounts, and fund information.
The MFDA hearing stated that Parker said the forms were altered for “client convenience”. He currently services about 1,000 client accounts at Sun Life Financial Investment.
Parker must also pay costs of $2,500.