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Regulatory Sanctions

For this Double Dipping Broker, It’s STRIKE THREE

June 23, 2017

by Howard Haykin


Having been disciplined by Merrill Lynch 2 years earlier for altering customer documents, this broker “went back to the well” and altered documents on two more occasions. Not a record of accomplishment for someone who’s relatively new to the industry.


Adriane Cagle agreed to pay a $5K fine and to serve a 2-month suspension to settle FINRA charges that she altered several documents that had already been signed by customers, and signed as a witness to customer signatures on certain documents without having actually witnessed the customers sign them.


BACKGROUND.    Cagle, a resident of Fayetteville, GA, joined the securities industry in August 2013 as a registered rep with Merrill Lynch, Pierce, Fenner & Smith, where she remained until being U5’d on 8/25/16 for “conduct involving alteration of client documents." Cagle has not been associated with any other firm since her termination.


FINRA FINDINGS.    In May 2014, Merrill Lynch disciplined Ms. Cagle in writing for altering certain documents after they had already been signed by a customer. Two years later, in April 2016, Cagle engaged in similar practices. Cagle added customer occupation information and signed as a witness to another customer's previously signed POA document, even though she had not actually witnessed the customer sign. Three months later, in July 2016, Cagle filled in dates and signed as a witness to another customer's previously-signed POA document even though she, once again, had not actually witnessed the customer sign.


Cagle’s alleged actions would cause the firm to maintain inaccurate books and records – a violation of FINRA Rule 4511.


FINANCIALISH TAKE AWAY.    Ms. Cagle has proven herself to be untrustworthy. She may have doubled-dipped in violating FINRA Rule 4511, but according to our count, it’s STRIKE THREE.


This case was reported in FINRA Disciplinary Actions for June 2017.

For details on this case, go to ...  FINRA Disciplinary Actions Online, and refer to Case #2016051146801.