CIRO sanctions three individuals for using pre-signed forms, altering documents, and undisclosed dealings
The Canadian Investment Regulatory Organization (CIRO) has imposed sanctions on three investment professionals following settlement agreements addressing regulatory violations.
The decisions, made by CIRO hearing panels, involve pre-signed account forms, altered account forms, personal financial dealings, and unauthorized outside business activities.
On February 21, a CIRO hearing panel accepted a settlement agreement with Lance Garrett Henry Dueck, a dealing representative with Quadrus Investment Services Ltd. in Regina, Saskatchewan.
Dueck admitted to obtaining, possessing, and using 21 pre-signed account forms for 12 clients. He also altered two account forms for two clients without having the clients initial the changes.
As part of the settlement, he agreed to pay a $14,000 fine and $3,000 in costs.
That same day, CIRO accepted a settlement agreement with Leander Don Dueck, also a dealing representative with Quadrus Investment Services Ltd. Dueck admitted to obtaining, possessing, and using 118 pre-signed account forms for 43 clients.
He also altered 15 account forms for 13 clients without obtaining client initials to confirm authorization. Dueck agreed to pay a $55,000 fine and $5,000 in costs.
Additionally, he must complete an ethics or industry course within 12 months of the settlement’s acceptance.
On February 25, CIRO reached a settlement with Lineo Poll, who previously worked with Scotia Capital Inc. in Toronto, Ontario.
Poll admitted to engaging in personal financial dealings with a client and participating in an outside business activity without his firm’s knowledge or approval.
In 2015, Poll accepted two loans from a client totaling US$100,000, which he repaid without interest in 2020.
He also referred clients to the client's financial business in Brazil and received monetary compensation.
Poll agreed to pay a $25,000 fine, disgorge $4,600, and complete the Conduct and Practices Handbook examination as a condition of re-registration. He must also pay $5,000 in costs.
While Lance and Leander Dueck remain registered with Quadrus Investment Services Ltd., Poll is not currently registered in the securities industry.
