Rep Forged Signatures on Hundreds of Insurance Documents: FINRA
These documents included insurance applications, money movement forms, change of beneficiary requests and policy service requests.
The Financial Industry Regulatory Authority has fined a broker $7,500 and suspended him for one year for forging and/or falsifying customer signatures on hundreds of insurance account documents.
From at least November 2007 through September 2022, while working both as a registered representative for FBL Marketing Services LLC, and as an insurance agent for an affiliated life insurance company, Richard Dean Connally “forged and/or falsified customer signatures on hundreds of insurance account documents submitted to FBL’s affiliated life insurance company,” according to FINRA’s order.
These documents included insurance applications, money movement forms, change of beneficiary requests, policy service requests, and various verification forms, FINRA’s order states.
The transactions and services requested in these documents were authorized by the customers, and none of the customers complained, FINRA said.
However, “Connally also falsely attested on at least three annual compliance questionnaires that he complied with the firm’s policy prohibiting him from signing a customer’s name to any document,” FINRA states.
“By forging and/or falsifying customer signatures on insurance account documents, Connally violated NASD Rule 2110 and FINRA Rule 2010,” FINRA said.
“Signing or affixing another person’s name to a document with the other person’s prior permission but without indicating that it is being done on someone else’s behalf is falsification,” FINRA states.
Forgery and falsification are each a violation of NASD Rule 2110 and FINRA Rule 2010.