The MFDA approved a Settlement Agreement with William Clarke who admitted to using blank or partially completed forms to process transactions and to operate client accounts. He also admitted to altering account forms after clients had signed them. Clarke agreed to a prohibition from acting in a supervisory capacity, and was subjected to a fine of $7,500 and a costs award of $2,500. (WilliamClarke (Re), File No. 201356).
The MFDA also approved a Settlement Agreement with Michael Kant who admitted to altering previously-signed account forms to process transactions, paying a fine of $7,500 and a costs award of $2,500. (MichaelKant (Re), File No. 201357)
Ashutosh Kumar Singh was suspended for two years, fined $5,000, and made subject to a $5,000 cost award for using forms bearing photocopied client signatures relating to 85 clients to process trades and to update Know-Your- Client information, and for maintaining blank pre-signed forms for 7 different clients. He did not attend the hearing and was unrepresented. (Ashutosh Kumar Singh, File No. 201349)