Emily Vitale of Indian Rocks Beach, Florida, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly falsifying documents resulting in faulty books and records.
Vitale became associated with FINRA in 2000 through a member firm. Shortly after, Vitale acquired Series 63, 27, 4, 24 and 53 licenses. Throughout her career in the securities industry, Vitale was associated with several FINRA members including Florida Investment Advisors (FIA) and LPL Financial LLC (LPL). Vitale was a General Securities Principal (GSP) for FIA from August 8, 2001 through January 29, 2014 and was also a GSP for LPL from November 1, 2013 through January 29, 2014.
FINRA found that in January 2014, while still associated with LPL, a firm customer requested Vitale to transfer funds from their brokerage account to their bank checking account. FINRA alleged that Vitale falsified the letter of authorization by cutting the customer’s signature from another document and pasting the client’s signature onto the letter of authorization. Vitale then allegedly submitted the letter of authorization to LPL.
Such actions are a violation of FINRA Rules 4511 and 2010 as the alleged activity caused LPL’s books and records to be inaccurate. Vitale was ordered by FINRA to pay a $5,000 fine and was suspended from association with any FINRA member in any capacity for a period of three months.
Stockbrokers have been known to engage in many types of practices which violate industry and firm rules, practices, and procedures. In order to protect customers from stockbroker misconduct, FINRA rules require broker-dealers LPL Financial to establish and implement a reasonable supervisory system. The implementation of the rules require supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules and regulations, and the firm, such as LPL Financial own policies and procedures. If broker dealers and/or their supervisors do not establish and implement these protective measures, they may be liable to investors for damages which flow from the misconduct. As a result, investors who have suffered losses because of their stockbroker’s unlawful or prohibited conduct can file a claim to recover damages against broker dealers like LPL Financial, which should consistently oversee its employees in order to prevent stockbroker misconduct.
Have you suffered losses in your LPL Financial investment account due to your stockbroker’s 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 stockbrokers for unsuitable recommendations, misrepresentations, and/or other unauthorized and prohibited conduct.
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 40 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 post a comment, call (800) 732-2889, send Mr. Pearce an email at firstname.lastname@example.org, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.