CORNWALL – A city investment adviser is in trouble with a Canadian mutual fund regulator after it uncovered nearly four-and-a-half years of problematic paperwork.
Luke Bedard of Professional Investments is accused of falsifying 65 client initials on account forms for 17 clients and had used 248 pre-signed account forms to process transactions for 47 clients.
The alleged actions happened between 2011 and 2015.
Bedard is also accused of misleading investigators.
These are regulatory allegations levelled by the Mutual Fund Dealers Association of Canada (MFDA), the body overseeing mutual fund dealers, and not criminal charges.
Charles Toth, director of litigation with the MFDA, told Cornwall Newswatch the hearing on Dec. 14, 2017 in Toronto will have a three-person tribunal decide on a settlement.
Unlike a regular hearing, Toth said the settlement hearing will see Bedard admit to some or all of the alleged misconduct.
Toth couldn’t speak specifically to this case because the details are private ahead of the hearing. But he said these types of violations are usually uncovered by audits, compliance examinations or by complaints from another mutual fund dealer.
The hearing is closed to the public but Toth said the settlement and details from the hearing will be a public document after its conclusion.
Luke Bedard is a Cornwall employee at 207 Second Street East for the Kingston-based company called Professional Investments. It has been an MFDA member since 2002.
At call to Bedard’s office requesting comment was not returned.