Jeffrey Delaney, a broker formerly registered with Pruco Securities, 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 forged a customer’s signature on life insurance applications without the customer’s knowledge or consent.
According to FINRA, Jeffrey Allen Delaney Jr, of Peachtree City, Georgia, forged his customer’s electronic signature on seven forms related to the exchange of an existing life insurance policy for a new one. Mr. Delaney then submitted the forms for processing. FINRA found that Mr. Delaney never had the customer’s knowledge or consent to forge the signature. FINRA also found that Mr. Delaney willfully reported a false address on his Form U4. Mr. Delaney listed his incorrectly as South Carolina, allegedly to avoid Georgia’s insurance licensing requirements.
For violating FINRA Rule 2010, which requires FINRA members to observe high standards of commercial honor, FINRA assessed a deferred fine of $15,000 and suspended him for eight months. The suspension is in effect from July 17, 2017 through March 16, 2018.
Stockbrokers, registered representatives, and other financial industry professionals have been known to engage in many types of fraudulent and unlawful behavior, such as forgery of documents and/or unauthorized transfers of funds, which violate industry rules and procedures. In order to protect investors from such misconduct, FINRA rules require broker-dealers to establish and implement a reasonable supervisory system. The implementation of the rules requires supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules and regulations, as well as the brokerage firm’s own policies and procedures. If broker-dealers and their supervisors do not establish and implement these protective measures, they may be liable to account holders for losses flowing from the misconduct. Therefore, investors who have suffered losses stemming from account document falsifications and/or forgery by their broker can bring forth claims to recover damages against broker-dealers, like Pruco Securities, which should consistently oversee its brokers’ activities in order to prevent the above-described prohibited conduct.
Have you suffered losses in your Pruco Securities account due to forged documents and/or unauthorized activity by your broker? 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 Pruco Securities 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 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 visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at email@example.com for answers to any of your questions about this blog post and/or any related matter.