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RR Gets 6 Months for Forging Insurance Documents
An RR in Liverpool, NY, agreed to pay a $5K fine and a 6-month suspension to settle FINRA charges he signed customer names to insurance disclosure forms and disclosure statements in order to avoid meeting with the customers in person - in violation of New York State insurance regulations. When selling annuity products, agents must complete: (i) a Definition of a Replacement Form, (ii) a Disclosure Form and (iii) a Disclosure Statement with the applicant signing each one.
Interestingly, customers intended to purchase the annuity products from the RR - even though they didn't sign the required documents. This is FINRA Case #2009019977001. [FINRA Disc. Actions for March '11]
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