Financial advisor caught copying and pasting client signatures in Mississauga
Published February 17, 2023 at 10:26 am
A former financial advisor was fined for copying and pasting client signatures while working in Mississauga.
In a settlement agreement, Tyler Justin Comrie admitted that between May 14, 2021 and May 18, 2021, he cut and pasted a client’s signature from copies of account forms, according to a press release on Feb. 16 from the New Self-Regulatory Organization of Canada.
The New Self-Regulatory Organization of Canada oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces.
Cromrie was registered in the securities industry and working for TD Investment Services Inc. in Mississauga, according to the settlement agreement from Jan. 24, 2023.
The client’s copied signatures were pasted onto two new account forms — an internal transfer form and a transaction and account maintenance form — and submitted to TD Investment Services Inc. for processing, the settlement states.
The copied signatures were found on Sept. 21, 2021 when the branch manager was reviewing client files.
The clients had approved the transactions but the copying and pasting of signatures is a violation of the Mutual Fund Dealers Association of Canada rules.
The settlement agreement notes Cromrie did not financially benefit from the transactions and there is no evidence the client lost funds.
Cromrie resigned shortly after the incident and states he has no intention of working in the financial services industry in the future.
He was fined $10,000; and ordered to pay $2,500 for costs.
The complete settlement agreement can be found here.insauga's Editorial Standards and Policies advertising