FINRA Suspends Ex-LPL Advisor Who Allegedly Forged Client Signatures

Posted on September 8th, 2021 at 1:06 PM
FINRA Suspends Ex-LPL Advisor Who Allegedly Forged Client Signatures

From the Desk of Jim Eccleston at Eccleston Law:

The Financial Industry Regulatory Authority (FINRA) has elected to fine and suspend a former LPL advisor, Joffre Salazar, who allegedly forfeited client signatures for fixed annuities. 

Salazar recommended a five-year fixed annuity that a client agreed to purchase in 2017, but the annuity issuer declined the application in 2018 and requested new documentation from Salazar. Rather than passing the new documents onto the client, Salazar forged the client’s signature on at least six occasions to complete the purchase of a seven-year fixed annuity. According to FINRA, the client had not authorized the purchase of the annuity at issue and Salazar proceeded to submit the forged application, which was subsequently approved. A separate client agreed to purchase a five-year fixed annuity with an interest rate of 3.15% in 2018. However, Salazar forged the client’s signature to submit the application as the fixed annuity’s actual interest rate was 2.85%. 

Salazar agreed to a $5,000 fine and one-year suspension without admitting or denying any of FINRA’s allegations. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

 

Tags: eccleston, eccleston law, finra, lpl advisor, forgery

Return to Archive

TESTIMONIALS

Previous
Next

 


It was really fun seeing you fight for us. You have an amazing way of thinking out of the box.


 

Beth M.

LATEST NEWS AND ARTICLES

March 17, 2025
FINRA Disciplinary Actions Rise for the First Time Since 2016

The Financial Industry Regulatory Authority (FINRA) increased its enforcement actions in 2024, marking the first rise in disciplinary cases since 2016, as reported by AdvisorHub.

March 14, 2025
Apex Clearing to Pay $3.2 Million in FINRA Settlement Over Securities Lending Violations

Apex Clearing, the clearing arm of Apex Fintech Solutions, has agreed to pay $3.2 million to settle FINRA allegations that it failed to ensure customers received compensation for lending their securities.

March 13, 2025
Congress Considers Expanding the Accredited Investor Definition

A recent congressional hearing examined potential reforms to the accredited investor definition, a critical threshold determining who can participate in private market investments.