Finra Suspends 25-Year Broker Who Took Shortcuts with Account Documents

Sending another signal to brokers about the risks of taking shortcuts on client paperwork, the Financial Industry Regulatory Authority has suspended a 25-year veteran broker for three months and assessed her a $5,000 fine.
“Altering or completing signed customer documents violates FINRA Rule 2010 even when done to accommodate a customer,” the letter said.
Enforcement of the rule violations during the coronavirus market and public-health crisis underscores Finra’s intolerance of infractions that brokers and client associates say are often done to help out customers in need of fast service.
Cail, who started her career in 1993 at Invest Financial Corp.—which provided brokerage services in small bank branches— could not be reached for comment at a publicly listed number.
She worked for almost 19 years at Morgan Stanley and its Smith Barney predecessor before being discharged in May 2019 over the document alteration allegations, according to BrokerCheck.
Finra’s letter of acceptance, waiver and consent made no mention of client complaints, and Cail has no disclosure events on her records aside from the account document alteration allegations. She is not currently registered with Finra.
sad ending to an otherwise respectable & trouble free career
We all have targets on our backs. It’s only a matter of time.
This has really become crazy and amazingly unfair and unjust. If it is true,and granted, this should not be done ever. But, one issue (that, let’s face it, many FA’s and CA’s do) can destroy an entire career. It is time for FA’s to start fighting back on this nonsense.
I completely agree with this entire statement; I wish I knew of the best way to start this revolution; anyone have any ideas, please hit me up!
We’re just canon fodder for FINRA by our management so they can prove they run a tight ship and are willing to fire anyone who steps out of line.
Go Indy!
We scan sign, check boxes, and do whatever we want!
It’s great!
Don’t forget, sign the client’s name too!
there should be an NRA for advisors