The client died approximately 18 months after the mutual fund switch and her estate redeemed the mutual fund, resulting in a penalty of $24,380 for which IG ultimately compensated the estate.
In addition to this violation, Salina failed to disclose to his firm that he had been named a beneficiary in a deceased client’s will – he had been bequeathed $185,000 – and continued to act as an Approved Person responsible for servicing the estate’s account, creating a conflict or potential conflict of interest to IG.
Furthermore, between 2010 and 2018, he obtained and possessed 24 pre-signed account forms in respect of 13 clients and altered one account form without obtaining the client’s initials.
Salina must also pay $5,000 in costs.
