FINRA Suspends Broker for Forging Customer Signatures on Insurance Documents

FINRA suspended a broker for signing insurance-related documents on behalf of customers without authorization.

According to the AWC, the broker either signed or instructed a third party to sign the names of "eight non-securities customers, including senior customers" on "twenty insurance-related documents" without obtaining their authorization. The documents were "required [as part of] the insurance underwriting and application process." FINRA found that the broker acted to expedite the insurance application process and "not in furtherance of other misconduct." FINRA said no customers filed complaints.

FINRA determined that the broker violated FINRA Rule 2010 ("Standards of Commercial Honor and Principles of Trade").

The broker consented to (i) a three-month suspension from associating with any FINRA member in all capacities and (ii) a $5,000 fine.