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FINRA Penalizes Former LPL Advisor for Falsified Signatures

Posted on August 15th, 2023 at 8:58 AM
FINRA Penalizes Former LPL Advisor for Falsified Signatures

From the desk of Jim Eccleston at Ä¢¹½´«Ã½ 

A former LPL Financial advisor, Bradley T. Wastler, has received a ten-month suspension and a $7,500 fine from the Financial Industry Regulatory Authority (FINRA).

This action follows allegations of forging or falsifying signatures. The settlement agreement (“Acceptance, Waiver and Consent”) states that Wastler, terminated by LPL in October 2021, purportedly engaged in the forgery or falsification of signatures on 159 account documents for at least 99 customers. Moreover, he was accused of forging his business partner's electronic signature on 57 account documents during the period spanning from March 2020 to March 2021, according to FINRA.

Although Wastler obtained consent from certain clients to sign on their behalf, he lacked approval from nine clients to sign 18 documents, according to the FINRA. Furthermore, in some instances, he acted without the necessary authorization from his partner, as highlighted by FINRA. The documents in question encompassed various forms such as new account applications, money transfer forms, and IRA contribution and distribution forms. These forms held significance as they served as the firm's official records, as stated in the communication from FINRA. In addition, Wastler provided false information on a compliance questionnaire from LPL in September 2020. He falsely affirmed that he had not signed or affixed another person's signature on any document.

According to AdvisorHub, FINRA began the investigation prompted by a "regulatory tip.” FINRA alleged Wastler violated Rule 4511, requiring members to make and preserve books and records, and Rule 2010, which requires members to observe “high standards.” Waslter, without admitting or denying the allegations, agreed to the disciplinary measures and conclusions from FINRA, per the AWC.

 

Ä¢¹½´«Ã½ LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

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