Monday, September 12, 2022
HomeWealth ManagementEx-dealing rep fined for switching client, 95, into DSC mutual fund

Ex-dealing rep fined for switching client, 95, into DSC mutual fund


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.

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