April 11, 2023 (Toronto, Ontario) – A settlement hearing in the matter of Albert Marcel Joseph Routhier (the “Respondent”) was held electronically by videoconference on February 21, 2023 in Toronto, Ontario before a three-member Hearing Panel of the Ontario District Hearing Committee of the New Self-Regulatory Organization of Canada (“New SRO”).
The Hearing Panel accepted the settlement agreement dated December 16, 2022 (the “Settlement Agreement”), between Staff of the New SRO and the Respondent as a consequence of which the following sanctions were imposed on the Respondent:
- a fine in the amount of $25,000;
- costs in the amount of $2,500; and
- shall in the future comply with Mutual Fund Dealer Rule 2.1.1.
In the Settlement Agreement, the Respondent admitted that:
- between November 2015 and February 2021, he altered, and used to process transactions, 42 account forms in respect of 34 clients by altering information on the account forms without having the client initial the alterations, contrary to MFDA Rule 2.1.1 (now Mutual Fund Dealer Rule 2.1.1); and
- between April 2016 and July 2019, he obtained, possessed, and used to process transactions, 3 pre-signed account forms in respect of 3 clients, contrary to MFDA Rule 2.1.1 (now Mutual Fund Dealer Rule 2.1.1).
A copy of the Settlement Agreement is available on the MFDA website at www.mfda.ca. During the period described in the Settlement Agreement, the Respondent conducted business in the Kanata, Ontario area.
New Self-Regulatory Organization of Canada is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. New SRO is carrying on the regulatory functions of the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers Association of Canada, and 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.newselfregulatoryorganizationofcanada.ca.