Another Broker Impersonated Clients … 6 of Them. FINRA Wasn't Pleased.

A Form U5 filed by Investacorp disclosed that Fairchild was permitted to resign after it learned of the "representations" Fairchild made to Nationwide "in an effort to fulfill customer directed administrative requests," according to the FINRA letter.

"All six customers authorized the transactions, and Nationwide properly processed the redemptions and distributed the funds directly to the customers," the letter said. But in impersonating the clients, Fairchild violated FINRA Rule 2010 that requires associated reps to "observe high standards of commercial honor and just and equitable principles of trade," according to FINRA.

Not clear was whether the customers had authorized Fairchild to impersonate them. Investacorp didn't immediately respond to a request for comment. Fairchild's attorney, Gregg Breitbart of the law firm Kaufman Dolowich & Voluck in Fort Lauderdale, Florida, said "Andrew is pleased to have this issue behind him and looks forward to continuing to serve his clients."

Fairchild is currently registered with FINRA through his association with Newbridge Securities in Boca Raton, Florida. He joined that firm this year, after a brief stint at Kovack Securities after leaving Investacorp, according to his profile at FINRA's BrokerCheck website.

There are three disclosures included in his BrokerCheck profile. In addition to the employment separation from Investacorp, dated Dec. 6, 2018, there's also a financial disclosure in which he was permitted to short-sell a home, along with a customer dispute denied in 2009, BrokerCheck shows. His 30-year career also included stints with six other firms, starting with First Investors Corp. in 1989.

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• A Broker Impersonated His Client … Twice. It Didn't Go Well.