Former LPL Financial Advisor Fined and Suspended for Unauthorized Signatures

Posted on September 23rd, 2024 at 10:35 AM
Former LPL Financial Advisor Fined and Suspended for Unauthorized Signatures

From the desk of Jim Eccleston at Eccleston Law

According to AdvisorHub, Justin Y. Gerow has been fined $5,000 and suspended for three months by the Financial Industry Regulatory Authority (FINRA) over allegations of signing customer account transfer forms without permission.

From February to March 2023, Gerow allegedly signed 12 customers’ names on 15 “representative of record change request forms” following his transition to LPL from PFS Investments in January 2023. According to the FINRA settlement letter, known as an Acceptance, Waiver, and Consent (“AWC”),” one customer complained about the unauthorized change in her broker-dealer, though no other clients raised concerns.

Gerow accepted the sanctions without admitting or denying FINRA’s findings. He was found in violation of FINRA Rule 2010, which mandates “high standards” of commercial honor, and Rule 4511, requiring firms to maintain accurate books and records. LPL Financial terminated Gerow in May 2023, citing his submission of non-genuine signatures to a mutual fund company. FINRA’s investigation began following LPL’s U5 termination notice.

 

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

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