Tag Archives: forgery by stockbroker

William Merriam IV – Former Merrill Lynch Broker- Barred from Securities Industry- Jacksonville, FL

October 2017 – Jacksonville, FL

According to publicly available records William  H. Merriam IV, (CRD#5222110) , a  former stockbroker who was last employed by Merrill Lynch , disclose  a prior regulatory event and a termination for conduct involving forgery of customer signatures on account documents.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In August of 2017 Merriam was permanently barred from the securities industry by FINRA to resolve allegations that he refused to appear for on the record testimony during a FINRA investigation in allegations that he resigned after Merrill Lynch commenced an internal review into allegations of forgery.

Merriam was allowed to voluntarily resign from Merrill Lynch in  December 2016 after allegations involving forgery of customer signatures on account documents. He began working for Merrill Lynch in June 2014.

If you have questions about an account handled by William H. Merriam, IV,  contact us to discuss your options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

William F. Garbarino-Former Lincoln Financial Broker-Barred From Securities Industry-Danbury, CT

September 2017 – Danbury, CT

According to publicly available records  William F. Garbarino (CRD#730278) , a former stockbroker  who was most recently employed by Lincoln Financial Advisors , disclose a termination from employment and a regulatory event that resulted in his bar from the securities industry, a customer dispute and an outstanding judgment/lien.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

Garbarino was employed by Lincoln Financial Advisors from 5/2009-4/2017. He was discharged in 4/2017 by Lincoln Financial who made the following allegation on his FINRA record: “FINRA made a preliminary determination to pursue disciplinary action against the representative in connection with FINRA’s allegation that he provided false testimony under oath”

Without admitting or denying the findings, Garbarino consented to a permanent bar from the securities industry and to the entry of findings that he falsely testified during a FINRA arbitration that his office staff did not photocopy and reuse customer signatures to create annuity company change of broker forms, and each of the customer signatures contained a sample of those form were authentic and non identical. During a hearing Garbarino testified that customer signatures were authentic and not photocopies of the originals.

The findings also state that at the time of his testimony his son, who worked at his office, obtained from certain customers executed but partially blank, signature pages for such forms, which he photocopied and used to create falsified new forms containing non authentic signatures which were submitted to several annuity companies as originals.

If you have questions about an account handled by William F. Garbarino, call to speak with an experienced securities attorney.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Jean Walsh-Josephson -Former Thrivent Investment Management Broker & Husband Die In Murder-Suicide

February 2017-Oshkosh, Wisconsin

According to US News, the sheriff of Winnebago County reports that former Thrivent Investment Management stock broker Jean A. Walsh-Josephson and her husband, Dewey Josephson,  were found shot to death in a murder-suicide. The couple was in the middle of a two week trial for allegedly stealing money from elderly clients.

The couple was found in their home in Town of Utica after they failed to show up for trial Monday morning, February  27, 2017.

Public records disclose that Walsh-Josephson worked for Thrivent Investment Management from 7/1996-9/2015 when she was discharged following being criminally charged for forgery and theft. She was permanently barred from the securities industry by FINRA in 1/2016.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Kevin Hudak-Former Foothill Securities Broker-Barred From Securities Industry

November 2016-Albuquerque, NM

The FINRA records of  Kevin Hudak,  a  former stockbroker last employed in the industry by Foothill Securities , was permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

Without admitting or denying the findings, Hudak consented to entry of findings that he submitted non-solicitation forms to his firm that had non-authentic customer signatures. Hudak falsified the non-solicitation forms by having customers sign blank forms, which he then photocopied and reused for transactions in low priced securities.

The findings also state that Hudak provided false and misleading testimony to FINRA in connection with their investigation into the matter.

Hudak was registered with Foothill Securities from 6/2014-10/2015. Prior to that he was employed by Cetera Advisor Networks.

If you have losses in an account in an account handled by Kevin Hudak  contact us to discuss how you may be able to recover damages for those losses.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Brent V. Lott-Former LPL Financial Broker-Discloses Pending Customer Disputes-Orem, UT

Orem, Utah-December 2017 UPDATE

According to FINRA records,  Brent V. Lott   a stock broker currently  employed by Cetera Advisors Network , discloses two pending customer disputes, a prior customer dispute, a currently pending regulatory investigation and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In October 2013, Brent Lott, was discharged by LPL Financial who made the following allegations on Lott’s FINRA record: “Submitted equity indexed annuity applications without meeting or discussing with clients and violation of the firm’s document signature policy.” Lott was employed by LPL Financial from 4/2006-12/2013.

A customer while Lott was employed by LPL Financial alleges that a third party, acting in concert with Lott, forged customer signature on contract to acquire insurance policy issued by Pacific Life. No specific damages are listed. This matter is currently pending.

A second customer while Lott was employed by LPL Financial alleges that he never met Lott who is listed as the selling agent for his variable annuity contracts and that Mr. Lott may be aware that the signatures on the contract delivery receipts are not those of the customer. No specific amount of damages is alleged. This matter is currently pending.

In July 2017 FINRA commenced an investigation of Lott for violations of FINRA Rules 2010 and 4511.

FINRA Rule 2010, Standards of Commercial Honor and Principles of Trade states: “A member, in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade.”

FINRA Rule 4511 relates to the the preservation of accurate books and records and requires brokers and firms to maintain them in accordance with applicable SEC rules.

After leaving LPL Financial in 11/2013, Lott was employed by Girard Securities until 11/2017, when he joined Cetera Advisor Network.

If you have questions about an account handled  by Brent Lott, call for a no charge consultation.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Mark C. Quale-Discharged by First Financial Equity Corp.

Scottsdale, AZ

According to FINRA records, Mark C. Quale a broker who began working for First Financial Equity Corp. in 12/2005 discloses that he was discharged by First Financial Equity in March 2016. He also discloses 4 prior customer disputes that are final.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In connection with his discharge  from First Financial Equity  in 3/2016, the company made the following allegations:

“Falsifying Client Signatures. Please see internal review disclosure for more detailed information”

In NASD Case 3-8708, a customer while Quale was employed by Merrill Lynch file an arbitration alleging unsuitable investments and failure to diversify. That case was settled for $550,000.

If you have losses in an account handled by Mark C. Quale   you may be able to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Beth E. Dutoit, Edward Jones/United Planners Broker Sanctioned for Forgery-Norman, Oklahoma

Norman, OK

MAY 2017 UPDATE-In January 2017 Beth E. Dutoit was suspended for three months by FINRA and fined $5,000 to resolve allegations that she had customers sign blank forms to facilitate the transfer of multiple accounts to Edward Jones and other allegations related to signatures.

ORIGINAL POST-February 25, 2016

The Oklahoma Department of Securities suspended the registration of Beth E. Dutoit (aka Beth E. Arthur, Beth Ellen Arthur, Beth E. Du Toit)  for six months beginning 1/1/2016 for copying a client’s signature onto a form without the client’s consent.

According to FINRA records Dutoit was ‘permitted to resign’ from Edward Jones, where she was employed in the Norman/Edmond office from 10/2011-5/2015. Edward Jones indicated on the FINRA record that Dutoit’s resignation came during an internal investigation related to her placing client’s initials on a firm document and submitting duplicated signed customer documents.

After leaving Edward Jones, Dutoit went to work with United Planners’ Financial Services of America in May 2015. FINRA records indicate that Dutoit was discharged in September 2015. United Planners indicated on the FINRA record that the discharge was related to forgery.

If you have questions about an account that was handled by Beth Dutoit, call to speak with an experienced securities attorney.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870