A former mutual fund rep has agreed not to apply for registration for a year, after his firm found that he used pre-signed forms and forged client signatures, the Ontario Securities Commission (OSC) announced on Thursday.
The OSC has approved a settlement agreement between former fund dealer rep Vince Domenichini and OSC staff. A compliance audit by Domenichini’s former dealer, Fundex Investments Inc., found “documents in his file that contained client signature irregularities,” the settlement agreement says. It notes that he admitted to forging client signatures on documents used to process transactions. As a result, he was terminated for cause in December 2014; which also resulted in his registration being suspended.
After he applied to reactivate his registration with a new firm — and OSC staff that reviewed the application discovered information that could cause them to recommend refusing registration — both Domenichini and OSC staff agreed instead to make a joint recommendation on that application.
According to the settlement, Domenichini admitted to using pre-signed forms and forged client documents, but said that this was done for convenience, not to defraud clients. He also took full responsibility for his actions and expressed regret for his misconduct.
On that basis, Domenichini and OSC staff agreed that he would withdraw his application for registration, and will not reapply for a minimum of 12 months; he also agreed to successfully complete the Conduct and Practices Handbook (CPH) Course; and, that his future registration will be subject to terms and conditions for at least one year.
OSC staff agreed not to oppose his re-registration, unless it becomes aware of any new information that would impugn Domenichini’s suitability for registration.