The Alberta Securities Commission has confirmed the decision of the Investment Industry Regulatory Organization of Canada to fine a former CIBC Investor Services Inc. rep for forging client signatures.

The violations occurred when Dustin Lamontagne was a registered representative with the Edmonton branch of CIBC Investor Services Inc.

At a disciplinary hearing held on Dec. 11, 2008, in Calgary, the panel found that in August 2006 Lamontagne forged 13 client signatures to his client investment plans and financial advice disclosure documents.

The panel also found that on Oct. 23, 2006, Lamontagne misled CIBC by providing false information in respect of client signature irregularities, all involving his client investment plans and financial advice disclosure documents.

The IIROC hearing panel’s decision was reviewed by a hearing panel of the ASC. The review proceeded as an appeal on the record, and no oral hearing was held.

The ASC hearing panel released its decision on October 1 confirming the IIROC decision, with the exceptions of setting aside the costs order in the amount of $15,000, and granting Lamontagne until Oct. 1, 2010 to pay the $35,000 fine imposed by IIROC.

Lamontagne is no longer registered with an IIROC-regulated firm.

IE