BROWSE BY TOPIC
Stories of Interest
- Billionaire Investor John Paulson's Hedge Fund Is 'Rightsizing', And a Bunch of Senior Staff are Leaving
- 10 Years Ago a Wall Street Firm With $400Bn in Assets Collapsed. Why Bear Stearns Could Happen Again
- FINRA Disciplinary Actions for March 2018
- Ex-Deutsche Bank Trader Pleads Guilty Over Euribor Rigging
- SEC Proposes Transaction Fee Pilot for NMS Stocks
- FINRA Board of Governors Meeting - March 2018
- Winklevoss Twins Have a Plan to Police Cryptocurrency Trading
- Trump Picks Larry Kudlow as New Top Economic Adviser, Source Says
- A Decade On, Was Bear a Bad Deal for JPMorgan?
- Theranos, Its CEO and Former President Charged With Massive Fraud
- Wall Street's ‘Diva of Distressed’ Throws Her Funds Into Bankruptcy
- How a Former NBA #1 Draft Pick Went From $61Mn Fortune to Owing $157K
- Foreign Affiliates of KPMG, Deloitte, BDO Charged in Improper Audits
- Trump Fires Secretary of State Tillerson - Picks CIA Director Pompeo
- Credit Karma, Pre-IPO FinTech Company, Violated Rule 701 Disclosure Requirements - SEC
- Goldman Sachs' Schwartz Retires, Paves Way for Solomon as Next CEO
- Damning Emails: Trump's Lawyer Used Trump Organization Email in Hush-Money Negotiations with Porn Star Stormy Daniels
- 'Pharma Bro' Martin Shkreli Sentenced to 7 Years In Prison - Says 'This is My Fault'
- FINRA Investor Alert: Lost Property - Don't Be Escheated Out of Your Savings or Investments
- Analyst Dick Bove Calls Possible Blankfein Exit from Goldman 'Wonderful' News
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.