The mayor of Ajax has been fined by the Mutual Fund Dealers Association of Canada (MFDA) after the association alleges he forged the financial documents of his clients, Global News has learned.
The MFDA, a self-regulatory body overseeing mutual fund dealers, launched an investigation into allegations of financial misconduct against Shaun Collier. The association claims Collier altered information on his clients’ forms during his time as a mutual funds broker.
Following its investigation, the MFDA began disciplinary proceedings against Collier in December 2018. As a result, Collier has been suspended from holding a supervisory role in finance pending additional training.
In a release dated Dec. 28, 2018 and posted on the MFDA website, the association outlines its allegations against Collier, which include a claim that he “obtained, possessed, and in some instances, used to process transactions, 12 pre-signed account forms in respect of six clients” between March 2006 and February 2017.
The release also alleges Collier “altered, and used to process transactions, seven account forms in respect of four clients by altering information on the account forms without having the clients initial the alterations” between September 2009 and May 2011.
As a result of the association’s disciplinary proceedings, Collier has been fined $13,000 by the MFDA and is now required to pay $2,500 in costs.
The MFDA said Collier’s first disciplinary hearing before MFDA’s Central Regional Council was set to happen back in March.
Global News reached out to Collier, who was unavailable for comment.