Robert Hurley, a formerly registered broker with Key Investment Services LLC, submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he altered a customer’s variable annuity form without the customer’s consent.
FINRA’s findings state that Robert Francis Hurley, of Agawam, Massachusetts, altered and initialed the variable annuity distribution form after the client had signed it. According to FINRA, Mr. Hurley changed the payment frequency and modified how payments would be calculated, allegedly placing the customer’s initials next to both alterations. Mr. Hurley’s alterations caused his customer to receive a much larger annuity distribution payment than expected.
Consequently, Mr. Hurley was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in any capacity for two months. The suspension was in effect from July 17, 2017 through September 16, 2017.
Stockbrokers, registered representatives, and other financial professionals have been known to engage in many types of fraudulent and prohibited behavior which violate industry rules and procedures. In order to protect investors from such misconduct, FINRA rules require broker-dealers to establish and implement a supervisory system in order to safeguard customer assets. If broker-dealers and their supervisors do not establish and implement these protective measures, they may be liable to account holders for investment losses. As a result, account holders who have suffered losses stemming from a registered representative’s misconduct can file a claim to recover damages against broker-dealers, like Key Investment Services, which have a duty to supervise its employees in order to prevent the above-described stockbroker misconduct.
Have you suffered losses in your Key Investment Services account due to altered account documents or other stockbroker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Key Investment Services stockbrokers who may have engaged in misconduct and caused investors losses.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 35 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at firstname.lastname@example.org for answers to any of your questions about this blog post and/or any related matter.