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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
A Broker ‘Does Time’ for Taking Unauthorized Shortcuts
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.