Thomas Vigil, a General Securities Representative formerly employed with the Warwick, Rhode Island branch of Signator Investors, Inc. (Signator) and the Westboro, Massachusetts branch of MetLife Securities, Inc. (MetLife), submitted a Letter of Acceptance, Waiver, and Consent in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he impersonated a customer to obtain an annuity surrender form, falsified account documents, and forged a customer’s signature all without the customers’ knowledge or consent. Mr. Vigil consented to the sanctions described below.
FINRA’s findings state that while employed by Signator, Thomas A. Vigil, of Saunderstown, Rhode Island, falsified a 403(b) rollover form for one of his customers by whiting out the date from an earlier, validly signed form and writing in the current date. Mr. Vigil allegedly did this without the customer’s knowledge or consent. Furthermore, Mr. Vigil allegedly forged the signature of another customer on a change of broker-dealer form without the customer’s knowledge or consent. In both instances, FINRA found that Mr. Vigil, when asked about the falsified documents, initially denied the actions, but later acknowledged the misconduct. FINRA also found that while employed by MetLife Securities, Mr. Vigil impersonated a customer on a call to an insurance company to obtain an annuity surrender form.
FINRA Rule 2010 requires registered representatives to “observe high standards of commercial honor.” Mr. Vigil was fined $7,500 for violating FINRA Rule 2010 and suspended from association with any FINRA member in any capacity for six months. The suspension is in effect from August 15, 2016 through February 14, 2017.
Stockbrokers, registered representatives, and other financial professionals have been known to engage in many types of fraudulent and prohibited behavior which are in violation of industry rules and procedures. In order to protect investors from stockbroker 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 fail to 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 Signator Investors and MetLife Securities, which have a duty to supervise its employees in order to prevent the above-described misconduct.
Have you suffered losses in your Signator Investors or MetLife Securities account due to falsified 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 Signator Investors and/or MetLife 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.