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.