A Vancouver man has been fined $25,000 for lapses in ethical business conduct.
The Pacific District Council of the Investment Dealers Association of Canada (IDA) imposed the penalty on Keith Court Anderson, an employee of the Vancouver office of Canaccord Capital Corp., an IDA member.
Anderson, who has no previous disciplinary history with the IDA, was suspended for one month by Canaccord.
Under the settlement, Anderson admitted that, without intent to injure, he failed to observe standards of ethics and conduct in the transaction of business when he falsely endorsed his wife’s signature on withdrawal of assets forms and bank cheques issued in his wife’s name; and falsely endorsed his wife’s signature and presented her cheques to several banks for deposit.
Anderson also admitted that he failed to obtain and have in his wife’s file any third-party authority or power of attorney form authorizing him to conduct trades in his wife’s account.
He is required to rewrite the Conduct and Practices Handbook exam within six months of the effective date of the settlement.
The IDA is the national self-regulatory organization and representative of the securities industry. The association enforces rules and regulations regarding the sales, business and financial practices of its member firms.
Web watch:
www.ida.ca
