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September 11, 2024 at 04:37 PM
The Financial Industry Regulatory Authority has fined a former LPL rep $5,000 and suspended him for two months for falsifying the electronic signatures of 13 customers on a total of 29 account documents.
The incidents violated FINRA Rules 2010 and 4511.
From December 2017 to June 2021, Spencer Huggett electronically signed, with prior permission, the signatures, FINRA’s order states. Two of the customers were seniors.
“The documents signed by Huggett, which included new account applications and move money forms, were required books and records. None of the customers complained and the transactions were authorized,” FINRA said.
However, in June 2020 and November 2021, “Huggett falsely attested to LPL in compliance questionnaires that he had not signed or affixed another person’s signature on a document,” FINRA states.
