Andres Rubert of New York submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly falsifying several client signatures.
Rubert entered the securities industry in 2006 and became associated with a FINRA-member firm. Between June 2010 and March 2012, Rubert was registered with Chase Investment Services Corporation (CISC).
FINRA found that between October 2010 and April 2011, Rubert falsified the signatures of seven customers on dozens of CISC documents including mutual fund switch letters, specialty fund disclosure documents, C share disclosure documents and other funds related documents. FINRA alleged that even though the transactions at issue were authorized, the seven clients did not give consent for Rubert to sign their names. CISC’s written supervisory procedures prohibit registered representatives from falsifying and/or forging client signatures on documents and therefore Rubert violated FINRA Rule 2010.
Without admitting or denying the FINRA findings, Rubert agreed to the sanctions and was suspended from association with any FINRA member in any capacity for a period of three months and ordered to pay a $5,000 fine.
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 like Chase Investment to not only establish and implement a reasonable supervisory system but enforce their rules, policies and procedures. 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 firms, such as Chase Investment own policies and procedures. If broker dealers and/or their supervisors do not establish, implement and enforce 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 Chase Investment, which should consistently oversee its employees in order to prevent stockbroker misconduct.
Have you suffered losses in your Chase Investment 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 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 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.