MFDA fines Edmonton advisor for falsifying forms

By Staff | October 26, 2016 | Last updated on October 26, 2016
2 min read

The MFDA has settled with Edmonton advisor Nathan Charles Garries, who admitted to falsifying or using pre-signed account forms for more than a dozen clients, among other issues.

On October 24, the MFDA and Garries agreed to the following consequences:

  • shall be prohibited from conducting securities related business in any capacity while in the employ or associated with any Member of the MFDA for a period of one (1) month from the date of the settlement hearing;
  • has paid a fine in the amount of $25,000;
  • shall pay costs in the amount of $2,500; and
  • shall in the future comply with MFDA Rules 2.1.1 , 2.3.1 and 5.1.

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As part of the agreement, Garries admitted that:

a) between May 1, 2013 and October 31, 2013, he processed 306 authorized discretionary trades as part of a dollar-cost averaging strategy in relation to 38 clients, contrary to MFDA Rules 2.3.1 and 2.1.1;

b) between September 2, 2010 and June 3, 2014, he failed to record and maintain evidence of client trade instructions with respect to 340 transactions that he processed pursuant to Limited Trading Authorizations for 48 clients, contrary to MFDA Rules 2.1.1, and 5.1(b);

c) between November 12, 2008 and July 18, 2014, he obtained, possessed and, in some instances, used to process transactions, 54 pre-signed account forms or photocopies of pre-signed account forms in respect of 19 clients, contrary to MFDA Rule 2.1.1; and

d) between January 21, 2011 and May 23, 2014, he falsified and used to process transactions, 14 client account forms in respect of 13 clients, by altering client account forms without having the clients initial the alterations, contrary to MFDA Rule 2.1.1.

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