A hearing panel of the Investment Dealers Association of Canada has fined a former Edward Jones broker $30,000 for forging the signatures of three clients.

Hugh Bell admitted that during the period between May to June 2002, he distributed sales literature to certain clients or potential clients for which he did not receive approval from his firm, and engaged in outside business activity, for which he received remuneration and did not disclose to Edward Jones.

In addition, Bell acknowledged that during the period of December 2002 and April 2003, he forged the signature of three clients. Bell signed an acknowledgement letter required for the purchase of certain securities. He forged the client’s signature so that the purchase transaction could be facilitated.

Bell also forged the signature of a husband and wife on letters of authorization to transfer funds from a joint account to make a spousal and regular RRSP contribution to the wife’s RRSP account. The couple were not present to sign the letter of authorization. Subsequently, the couple did mail a properly executed letter of authorization to Bell.

In each instance of forgery, the clients were aware of the transactions, authorized them and Bell executed documentation only for purposes of expediency.

The hearing panel imposed a $30,000 fine and $3,000 in costs and required that Bell work under close supervision for a period of 12 months.

Bell was employed at Edward Jones from March 29, 2002 until May 1, 2003. He is currently employed with TD Waterhouse in Edmonton.