FINRA Penalizes Ex-Raymond James Advisor for Document Alterations

Posted on April 12th, 2024 at 11:32 AM
FINRA Penalizes Ex-Raymond James Advisor for Document Alterations

From the desk of Jim Eccleston at Eccleston Law 

A former Raymond James financial advisor faced a $5,000 fine and a four-month suspension from the Financial Industry Regulatory Authority (FINRA) for allegedly falsifying 25 documents, as per a settlement letter released recently.

Emily J. Smith, who has eight years of industry experience and is currently unregistered, was found to have improperly reused customer signature pages and altered customer-signed documents throughout 2022, as reported by AdvisorHub

In 18 instances, Smith allegedly added account numbers, dates, and policy names to documents after they were signed. Despite no customer complaints on her BrokerCheck profile and her purported intent to expedite client processes, these actions led to book and record discrepancies for Raymond James, violating FINRA's Rule 2010 on maintaining high standards.

This marks the fourth time that Smith has faced scrutiny for document alterations. FINRA had previously cautioned her against such actions, citing violations of FINRA Rule 2010. Additionally, in 2019, Smith voluntarily resigned from Morgan Stanley amid allegations of document alterations and additions.

As per the settlement letter, Smith accepted FINRA's disciplinary measures without admitting or denying the allegations.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra

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