The Ontario District Council of the Investment Dealers Association of Canada has imposed discipline penalties on Paul Alexander Bishop, a former representative registered with RBC Dominion Securities Inc.

The District Council reviewed and accepted a settlement agreement Monday, negotiated with the association’s enforcement department staff. In the settlement agreement, Mr. Bishop acknowledged that he engaged in conduct unbecoming and detrimental to the public interest by altering the Futures Account Application Form of his client. The application was fudged so that it would conform to the minimum requirements for opening such an account. It was completed without proper client authorization and for the express purpose of circumventing RBC’s account opening policies and procedures, contrary to By-law 29.1 of the Association.
The discipline penalties assessed against Mr. Bishop are a fine of $20,000. As well, he is required to re-write the Conduct & Practices Handbook examination within six months, must file monthly supervision reports for six months. Bishop faces potential suspension without notice if he fails to comply in any way with the penalties awarded.