FINRA Penalizes Advisor for Falsifying Client Signatures
From the desk of Jim Eccleston at Eccleston Law
FINRA has imposed a $7,500 fine and a one-year suspension on Richard Dean Connally. Connally is accused of forging or falsifying client signatures on hundreds of insurance account documents. Connally worked as a registered representative for FBL Marketing Services LLC and as an insurance agent for an affiliated life insurance company. According to ThinkAdvisor, Connally reportedly committed the violations from November 2007 through September 2022.
According to FINRA’s Acceptance, Waiver, and Consent (“AWC”), Connally falsified signatures on various forms, including insurance applications, money movement forms, change of beneficiary requests, policy service requests, and verification forms. Although his clients had authorized the underlying transactions and did not issue complaints, Connally’s actions nonetheless violated FINRA standards.
FINRA noted that Connally also falsely attested compliance with firm policies prohibiting the signing of a customer’s name. By forging and/or falsifying signatures, Connally breached NASD Rule 2110 and FINRA Rule 2010, which enforce ethical conduct in the securities industry.
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.
Tags: eccleston, eccleston law, finra
