BROWSE BY TOPIC
Stories of Interest
- CFTC Chair Giancarlo Appoints Bruce Tuckman as Chief Economist
- Twice-Convicted Ex-Jefferies Trader Litvak Faces Prison After Losing Bail Request
- Wells Fargo Hikes Full-Year S&P 500 Target
- SEC Institutes Administrative Proceedings Against Shkreli
- Goldman's Lloyd Blankfein Seems to be Making a Habit Out of Trolling Trump
- Goldman on Hunt for Star Traders to Revive Struggling Commodities Unit
- Yahoo Owes Millions for Busting NCAA Tourney Bracket Deal
- JPMorgan Joins 21st Century Fox in Fighting 'Deep Divisions Across Our Country'
- Please, God, Save Gary Cohn From Himself: The Case for Resigning
- Regulatory Considerations When Bringing on a New Advisor
- Why Deutsche Bank is at Mercy of Regulators
- U.S. Treasury Auction Class-Action – Federal Judge Causes Interminable Delay
- Mnuchin Rejects Calls to Resign and Defends Trump
- Best Time to Go to the U.S. (Tennis) Open Tourney - Before It Starts on August 28
- Stifel Prevails in Arbitration But Ex-Hilltop Employees Hit with Awards - Bill Singer
- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
WWW: 33-Year Vet Alters Documents - Loses Job and Gets Suspended
[Photo: HullDunk (Duncan Hull) / Flickr]
Harold Baker of Dubois, PA, agreed to a $5K fine and a 3-month suspension to settle FINRA charges that he altered documents for customers by copying and pasting their signatures and/or altering dates and other information. The findings stated that the altered documents included applications to purchase variable annuities (VA’s) and account distribution forms. The customers verbally authorized the underlying transactions.
BACKGROUND. Baker has been registered since 1983 and, in 2008, became registered as a General Securities Representative and General Securities Principal through Sorrento Pacific Financial. Sorrento U-5’d Baker in May 2016 for having altered customer documents. Baker is not currently associated with a member firm.
FACTS AND VIOLATIVE CONDUCT. According to FINRA, between April 2011 and April 2016, Baker altered at least 9 transaction disclosure documents for at least 3 customers in order to receive firm approval of transactions previously approved (and perhaps signed) by clients. Baker did so by copying and pasting customer signatures and/or altering dates and other information. The altered documents included applications to purchase variable annuities and account distribution forms. FINRA acknowledges that the underlying transactions were, at least, verbally authorized by the customers.
FINANCIALISH COMMENTS. FINRA’s BrokerCheck report for Baker confirms the basic facts and circumstances in this case, without shedding any more light on the context of Baker’s actions. Without additional information, we can't ascertain that the sanctions fit the "crime." That said, that’s all there is. Case closed.
This case was reported in FINRA Disciplinary Actions for April 2017.
For details on this case, go to … FINRA Disciplinary Actions Online, and refer to Case #2016050071101.