Joey Cless Broussard, of Princeton, Texas, was barred by the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) in a default decision made by FINRA’s Office of Hearing Officers for allegedly forging his customer’s signature on a false letter he created to cancel a request for rescission of a purchase of an investment in an oil and gas limited partnership.
FINRA alleged that while associated with Source Capital Group, Inc. of Allen, Texas, Mr. Broussard sold an interest in Bayou City Exploration, Inc. (Bayou City) oil and gas limited partnership to an elderly customer. The investment gave investors a right of rescission if they requested it in writing within ten days of purchase. The customer sent a rescission letter to Bayou City to cancel her investment. Upon learning this, FINRA alleged that Mr. Broussard contacted the customer to get her to keep the investment, explaining that she needed to send a second letter to Bayou City to cancel her rescission request. The customer did not send the letter. Instead, FINRA alleged that Mr. Broussard handwrote a letter purportedly from the customer to cancel the rescission request, forged her signature, and faxed the letter to Bayou City. Joey Broussard did not have the customer’s permission to write the letter or forge her signature. As a result of the default decision, Mr. Broussard was barred from association with any FINRA member in any capacity. Continue reading →