FINRA Sanctions Advisor for Signature Falsifications
From the desk of James Eccleston at Eccleston Law
A 46-year industry veteran from Braintree, Massachusetts, Timothy W. Leveroni, has settled a disciplinary matter by the Financial Industry Regulatory Authority (FINRA) for falsifying signatures, per a settlement agreement known as an Acceptance Waiver and Consent (“AWC”).
According to AdvisorHub, this highlights the regulator's ongoing efforts against former LPL advisors involved in signature falsifications, marking at least the 12th case since July. The scrutiny intensified after LPL was fined $3 million for failing to detect signature falsifications and other infractions.
In Leveroni's case, he agreed to a $7,500 fine and a two-month suspension to resolve allegations that between May 2020 and March 2021, he permitted other LPL advisors to sign his name on over 100 documents. The documents, including new account applications and update forms, pertained to clients for whom Leveroni served as the advisor of record. Leveroni's actions violated FINRA's Rule 2010 on maintaining high standards and its books-and-records requirements under Rule 4511 and despite no customer complaints.
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.
Tags: Eccleston, Eccleston Law