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Robert Rex
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This blog is written by Robert H. Rex, Esq. who is a securities attorney and a passionate advocate for investors rights. With over 30 years of legal experience, 25 of which have dealt almost exclusively with the recovery of stockmarket and investment losses for mostly elderly clients, he and his... More
My company:
Rex Securities Law
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Rex Investment Loss Recovery Blog
  • Broker Whacked By FINRA For Taking Short Cut---Signed The Documents Himself 0 comments
    Feb 10, 2013 5:27 PM | about stocks: LPLA

    To settle a recent FINRA enforcement action , In the Matter of Arthur Apostol, Respondent, (AWC 2012032570701, February 5, 2013, the subject broker, Mr. Apostol submitted a letter of Acceptance, Waiver and Consent. The action brought by FINRA was for a rules violations for an abuse that we see all too many times in the course of our practice representing clients seeking recovery of stock market losses.

    The abuse we are talking about is when a broker decides it is much easier to sign his client's signature than it is to have the client sign the necessary documents.

    In the instant case Mr. Apostol, who worked for NewAlliance Investments, was transferring to a new position at LPL Financial during the summer of 2011. As is generally the case, he desired to take as many of his old clients with him to his new job at LPL as possible. In order to transfer an account from one firm to another there are certain transfer documents that must be signed by the customer authorizing and acknowledging the transfer.

    FINRA alleges that he submitted new account forms in connection with the transfer of the accounts on which he had affixed customer signatures by cutting and pasting signatures from other documents that contained authentic signatures. In addition, FINRA alleged that in several instances he had clients sign blank forms which he intended to complete in the future.

    FINRA suspended Apostol for three months and fined him $5,000.According to the FINRA BrokerCheck site, Apostol is not currently registered with FINRA.

    If you purchased an annuity, a limited partnership, a private placement or other alternative investment, in most instances there are documents that should have been presented to you for signature.

    We have been helping investors recover investment losses for 25 years. Contact us for a no charge consultation if you have questions about losses in your brokerage account.

    Nationwide representation.

    Rex Securities Law

    561 391 1900

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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