The Financial Industry Regulatory Authority has barred a former NYLife Securities representative and fined and suspended an ex-Waddell & Reed rep, both of whom allegedly forged documents while with their respective firms.
Without admitting or denying FINRA's findings, Kyle Zachary Wittgren signed a FINRA letter of acceptance, waiver and consent on Thursday, consenting to the broker-dealer self-regulating group's decision to bar him from associating with any FINRA member firm in all capacities.
Meanwhile, Mark Lloyd Post signed a FINRA AWC letter on Dec. 7, consenting to FINRA's decision to fine him $5,000 and suspend him from associating with any FINRA member firm in all capacities for two months. He also did not admit or deny FINRA's findings
FINRA attorneys signed both AWC letters on Monday.
"Upon learning of the underlying facts, we separated from Mr. Wittgren promptly and cooperated fully with FINRA," Kevin Maher, a spokesperson for NYLife Securities parent company New York Life, told ThinkAdvisor on Tuesday.
LPL Financial, which closed on its acquisition of Waddell & Reed in April, didn't immediately respond to a request for comment.
Noncooperation With FINRA
Wittgren joined NYLife as a general securities representative on April 26, 2016, according to FINRA.
But the firm filed a Form U5 Termination Notice April 29, 2021, disclosing it let him resign after he "admitted he signed clients' names" without their "knowledge or consent, submitted 13 unfunded variable annuity rollover applications and altered three of the clients' email addresses in violation of company policy," according to a disclosure on his report at FINRA's BrokerCheck.com.
