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- Massachusetts Jury Convicts CA Attorney of Securities Fraud
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- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
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- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
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- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
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- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
For this Double Dipping Broker, It’s STRIKE THREE
by Howard Haykin
Adriane Cagle agreed to pay a $5K fine and to serve a 2-month suspension to settle FINRA charges that she altered several documents that had already been signed by customers, and signed as a witness to customer signatures on certain documents without having actually witnessed the customers sign them.
BACKGROUND. Cagle, a resident of Fayetteville, GA, joined the securities industry in August 2013 as a registered rep with Merrill Lynch, Pierce, Fenner & Smith, where she remained until being U5’d on 8/25/16 for “conduct involving alteration of client documents." Cagle has not been associated with any other firm since her termination.
FINRA FINDINGS. In May 2014, Merrill Lynch disciplined Ms. Cagle in writing for altering certain documents after they had already been signed by a customer. Two years later, in April 2016, Cagle engaged in similar practices. Cagle added customer occupation information and signed as a witness to another customer's previously signed POA document, even though she had not actually witnessed the customer sign. Three months later, in July 2016, Cagle filled in dates and signed as a witness to another customer's previously-signed POA document even though she, once again, had not actually witnessed the customer sign.
Cagle’s alleged actions would cause the firm to maintain inaccurate books and records – a violation of FINRA Rule 4511.
FINANCIALISH TAKE AWAY. Ms. Cagle has proven herself to be untrustworthy. She may have doubled-dipped in violating FINRA Rule 4511, but according to our count, it’s STRIKE THREE.
This case was reported in FINRA Disciplinary Actions for June 2017.
For details on this case, go to ... FINRA Disciplinary Actions Online, and refer to Case #2016051146801.