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MFDA Case Summary

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Home › Case Summary 201536 - RE: Richardson, William


CASE SUMMARY # 201536
November 2, 2015

MFDA Case Summary
Enforcement

This case summary was prepared by Staff of the MFDA.

Hearing Panel Imposes Penalties on William Richardson

William Richardson (the “Respondent”) has been registered in the mutual fund industry since
1994. From September, 1994 to August, 2014 he was registered in Ontario as a mutual fund
salesperson with Investors Group Financial Services Inc. (“IG”). From March 8, 2011 to August
16, 2012 he was registered with as a Branch Manager. Since his resignation from IG he has been
registered as an IIROC Registered Representative. The Respondent admitted that he obtained
and possessed 13 blank pre-signed account forms in respect of 10 clients, contrary to MFDA
Rule 2.1.1. The forms consisted of order entry forms, know-your-client forms, and bank account
authorization forms. He also admitted that he failed to accurately respond to IG’s Annual
Attestations by incorrectly affirming that he did not obtain or possess any pre-signed forms,
contrary to MFDA Rule 2.1.1. The Hearing Panel accepted a Settlement Agreement between the
Respondent and the MFDA and imposed the following penalties: (a) a fine of $8,750; (b) costs
of $2,500; and (c) a commitment to comply with MFDA Rule 2.1.1 in the future. The Hearing
Panel noted that the fine reflected the fact that the Respondent was an experienced salesperson
and was a Branch Manager for over a year.

NOTICE: This case summary has been prepared by Staff of the MFDA, based upon the previously published
Decision and Reasons of an MFDA Hearing Panel presiding over this matter. Every effort is made to ensure that this
case summary accurately reflects the content of the Decision and Reasons. However, where there is a discrepancy
between this case summary and the Decision and Reasons, the Decision and Reasons will prevail.

DM #451401