An Investment Dealers Association of Canada hearing panel has found Vance Elder, of the Glenmore Landing and Esso Plaza branch offices of BMO Nesbitt Burns in Calgary, guilty of violating by-law 29.1 and regulation 1300.1(a).

In its liability decision dated Feb. 15, the hearing panel found that, during the period of November 1996 to June 2001, Elder knew or was willfully blind to the fact that his administrative assistant was signing client signatures as well as Elder’s signature on client account documentation, contrary to by-law 29.1.

The panel concluded that Elder had not directed his assistant to forge clients’ or his signature. Also, evidence was accepted that the forgeries committed by his assistant were done for the purpose of completing account documentation efficiently, not with a view to causing harm to clients or directly creating profit for Elder.

The panel also found that Elder knew that his assistant was providing investment advice to his clients, contrary to regulation 1300.1(a) and by-law 29.1. The panel found that the evidence did not support a fourth allegation that Elder engaged in the forgery of clients’ signatures to account documentation.

In determining penalty, the hearing panel considered that no client had complained or been harmed by the conduct, Elder had no prior disciplinary history, and Nesbitt confirmed that there were no written client complaints against Elder resulting in client settlements.

Following the panel’s statement that penalty should be based on “remedial rather than punitive objectives” Elder has been fined $100,000; must pay $15,000 in costs; is required to rewrite the exam based on the Conduct and Practices Handbook within six months of the penalty assessment; and must accumulate an extra 25 continuing education credits over a two year period. He has also been assessed 12 months of close supervision and has had his “senior vice president” designation revoked for a period of two years.

Elder continues to be employed with the Esso Plaza branch office of BMO Nesbitt Burns in Calgary.