The Ontario District Council of the Investment Dealers Association of Canada has fined a former broker with RBC Dominion Securities Inc. $25,000 for forging clients’ signatures.

On April 28,, the Ontario District accepted a settlement agreement negotiated between Mark Spowart and IDA staff.

Spowart admitted that in or about August 2002, he:

  • forged the signature of seven clients on various letters of authorization regarding securities transfers and also guaranteed the signature of 20 clients without witnessing or properly authenticating those signatures; and
  • effected one authorization transaction in a client account.

The IDA fined Spowart $25,000; prohibited him from registration approval with any IDA member for a period of three years; and order that he besubject to close supervision for a period of one year upon any subsequent registration approval.

In addition, Spowart is required to pay $12,554.75 in costs.

For a complete summary of facts, please see IDA Bulletin 3280.