The Investment Industry Regulatory Organization of Canada has fined a former rep with Manulife Securities Inc. $25,000 for forging client signatures.
An IIROC hearing panel has accepted a settlement agreement between IIROC staff and Karen Elizabeth Abbott. The violation occurred when she was a registered representative with the London, Ont. branch of Manulife Securities.
In the agreement, Abbott admitted that in June and July 2011, she forged the signatures of more than 40 clients on certain account opening documents, transfer documents and letter instructions.
Abbott agreed pay a fine of $25,000 and costs of $3,500. In addition she is suspended from approval in any registered capacity with IIROC for a period of six months, and must successfully complete the Conduct and Practices Handbook Course prior to seeking re-registration.
IIROC formally initiated the investigation into Abbott’s conduct in August 2011. She is no longer a registrant with an IIROC-regulated firm.