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Toronto (Ontario) – March 19, 2024 – Following a disciplinary hearing held on January 29, 2024 at which an Agreed Statement of Facts was provided, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) under the Mutual Fund Dealer Rules found that Erika Fawcett:
- conducted trading activity in respect of clients who resided in provinces where the Respondent was not registered;
- photocopied four client account forms that had been previously signed by clients and altered information on the account forms to complete four new transactions;
- altered and used to process transactions, five account forms in respect of three clients, by altering information on the account forms without having the clients initial the alterations; and
- obtained, possessed and used to process transactions, 28 pre-signed account forms in respect of nine clients.
The hearing panel imposed a fine of $10,000 and costs of $1,500 on Erika Fawcett.
The hearing panel’s decision dated March 15, 2024, is available at:
During the period described in the Notice of Hearing, Erika Fawcett conducted business in the London, Ontario area.
All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website.
Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.
CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.
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