CIRO imposes fine and ban after advisor admits to electronically signing client names for convenience
A seasoned Ontario advisor has been sanctioned after admitting to electronically signing client names on 167 account forms over a two-and-a-half-year period—without having witnessed the signatures, as required by her firm’s compliance protocols.
Suzanne Ferguson, who spent nearly 32 years as a dealing representative with PFSL Investments Canada Ltd., agreed to a $14,000 fine, $2,500 in costs, and a six-month prohibition from conducting securities-related business with any CIRO Dealer Member.
The sanctions, accepted by a Canadian Investment Regulatory Organization (CIRO) hearing panel on October 6, reflect a 30 percent reduction due to Ferguson’s “proactive and exceptional early cooperation” and her willingness to resolve the matter swiftly.
The panel’s reasons, released October 16, detail how Ferguson used Turbo Applications (TurboApps), a software tool provided by her Dealer Member’s US parent, to type client names into electronic forms between September 13, 2021, and February 15, 2024.
Ferguson then falsely acknowledged that she had personally witnessed the clients’ signatures, in contravention of both firm policy and Mutual Fund Dealer Rule 2.1.1.
The forms included new account applications, KYC updates, address changes, and redemption requests.
The misconduct came to light in November 2023, when Ferguson’s branch manager, covering her client book during a holiday, discovered that some clients had not met with Ferguson or signed certain forms.
When questioned, Ferguson identified all affected clients.
The Dealer Member subsequently contacted these clients, and none reported concerns or harm.
There was no evidence of unauthorized transactions or client loss.
Ferguson, now 69 and retired, stated that her actions were motivated by client convenience, but acknowledged that this was not a valid justification.
The panel noted her lack of prior disciplinary history and the absence of client complaints or losses.
The sanctions were found to be consistent with CIRO guidelines and served both specific and general deterrence.
The panel concluded that the resolution “fulfills the overarching objective of protecting the investing public.”
