FINRA Suspends Broker for Forging Customer Signatures
FINRA suspended a broker for forging customer electronic signatures on firm records.
According to the AWC, the broker electronically signed nine documents on behalf of four customers without authorization and eight documents on behalf of eight customers with authorization. FINRA found that the documents were required firm records related to authorized transactions and determined that the broker’s actions resulted in forged and falsified electronic signatures. FINRA also noted that the "transactions were authorized" and that no customers complained.
FINRA determined that the broker violated FINRA Rules 2010 ("Standards of Commercial Honor and Principles of Trade") and 4511 ("General Requirements").
The broker consented to (i) a three-month suspension from associating with any FINRA member in all capacities and (ii) a $5,000 deferred fine.