Re. Bradley Griffith, File No. 201329

The Respondent admitted that he had processed trades based on requests from a spouse without power of attorney rather than the client (the “Client”) and that he failed to report a resulting complaint.

From 2004-2007, the Client held an RSP mutual fund account with monthly payroll contributions. In early 2007, the monthly payroll contributions stopped and the Respondent was advised by the Client’s husband that the Client could no longer make contributions as she had suffered a major health event and could not work. In February 2007, the Client’s husband telephoned the Respondent and advised that due to the Client’s health, it was necessary to redeem portions of her RSP account to pay for certain renovations in the couple’s home. The husband advised that he had power of attorney (“POA”) for the Client. The Respondent took his word for it but did not request a copy of the POA. Over the next two years, the Respondent processed several additional redemptions in the Client’s account, some of which were transferred to a joint account held by the Client and the husband. In April 2010, the Respondent received a telephone call from the Client’s sister requesting information about the Client’s account. The client’s sister forwarded a POA which stated that POA had been granted to two of the Client’s sisters and advised that the Client and her husband have ongoing martial issues and she was wary of the Client’s husband’s activities in the Client’s account. The Respondent did not report the complaint from the Client’s sister.

The Respondent agreed to pay a $10,000 fine and $5,000 in costs. The settlement agreement can be access here.