Subscribe to our mailing list

* indicates required







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.




Regulatory Sanctions

A Broker ‘Does Time’ for Taking Unauthorized Shortcuts

October 27, 2018

by Howard Haykin


Between 2015 and 2017, a broker with SunTrust Investment Services cut and pasted, or in some instances traced, the signatures of 16 customers on more than 70 forms used to record customer financial information and to authorize customer purchases of fixed and variable annuities.


Although the underlying transactions were all authorized, none of the customers were aware that the broker was affixing or tracing their signatures onto such forms as: (i) brokerage account/IRA applications; (ii) life insurance/annuity replacement forms; (iii) annuity beneficiary designations; and, (iv) fund transfer authorization forms. Nor had the customers given the broker authorization to do so.


What Went Wrong.    By his actions, the broker violated FINRA Rules 2010 and 4511 (Books and Records), and he agreed to pay a $5K fine and serve a 3-month suspension in order to settle the FINRA charges. Stiff penalties for a broker with 33 years of experience.



This case was reported in FINRA Disciplinary Actions for September 2018.

For details on this case, go to ...  FINRA Disciplinary Actions Online, and refer to Case #2017053810301.