$11K fine for Vernon mutual fund dealer

$11K fine for Vernon mutual fund dealer

Fines for altering, pre-signing documents between 2014-17

A Vernon mutual fund dealer will pay $11,000 in fines for altering account forms without client consent between 2014-17.

The Mutual Fund Dealers Association of Canada (MFDA) found Randall Rae Wilson was altering and processing transactions for 12 clients without their written consent in the form of an initial between Jan. 2014 and April 2017, contrary to MFDA rules.

Between June 2012 and Aug. 2017, Wilson was found to have also processed seven pre-signed account forms for five clients.

An MFDA hearing panel issued the $11,000 fine, plus $2,500 in costs, at a July 22, 2019, hearing in Vancouver.

The reasons for decision were released on Jan. 3, 2020.

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Caitlin.clow@vernonmorningstar.com

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