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Series 24 Sanctioned: Let Another Person Sign the Customer's Signature
A Registered Principal in Richmond, TX, agreed to a 3-month suspension from the business (he couldn't afford a fine) to settle FINRA charges he arranged for a customer's relative to sign that customer's signature on a variable annuity application and related documents.
The situation began innocently enough when the Principal (suitably) recommended that a customer switch out of one variable annuity contract and into another. The customer asked that the transaction be held up until market conditions improved. However, when the Principal determined that market conditions were appropriate for the switch, the customer was out of town on an extended trip.
The Principal and customer then arranged for a relative of the customer to sign the customer’s name to the V/A application and the other necessary documents. The Principal submitted the papers without informing the firm about the arranged forgery.
Among other things, this caused the firm's books and records to be inaccurate.
This is FINRA Case #2009018041101. [FINRA March Disc. Actions]
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