The Investment Industry Regulatory Organization of Canada has fined a former rep with TD Waterhouse Canada Inc. $40,000 for forging a letter which misrepresented the features of an investment product he had recommended to a client.
On March 9, an IIROC hearing panel accepted a settlement agreement with the Paul Vorstadt.
Vorstadt admitted that around March 2009, while he was registered representative with the Markham, Ont. branch of TD Waterhouse, he fabricated a letter purportedly from Manulife Financial Corp. in which he misrepresented the guarantee features of an investment product he had recommended to a client. Vorstadt printed the letter on Manulife letterhead and then forged the signature of a Manulife employee.
As penalty, Vorstadt agreed to a $40,000 fine, and a prohibition from seeking approval in any capacity until October 5. He also agreed to pay $5,000 in costs.
IIROC formally initiated the investigation into Vorstadt’s conduct in October 2011. He is no longer a registrant with an IIROC-regulated firm.