Brian Daniel Parker of Covington Louisiana a stockbroker formerly registered with USA Financial Securities Corporation has been fined $10,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Parker caused USA Financial Securities Corporation customer account documentation to be falsified and forged to effect securities transactions. Letter of Acceptance Waiver and Consent No. 2017055973101 (Oct. 1, 2019).
According to the AWC, on July 26, 2017, USA Financial customer, DM, signed an application to effect the purchase of the customer’s equity indexed annuity. The AWC stated that the customer’s application had been denied because of there being incomplete or missing forms. In fact, the customer was required to complete an acknowledgement form which pertained to the suitability of purchase; and there was an asset transfer document that was required to be completed by the customer as well. The acknowledgement was not completed in full, and DM allegedly failed to execute the asset transfer form.
The AWC stated that in response, the acknowledgement was signed by Parker instead of the customer. Also, there was no transfer form discussed with DM nor provided by DM to initiate the funding of the customer’s annuity. Parker allegedly completed an asset form and placed an unauthentic signature on the document. FINRA found Parker’s falsification or forgery of the customer’s documents to be violative of FINRA Rules 2010.
FINRA Public Disclosure reveals that Parker has been identified in three customer initiated investment related disputes which pertain to allegations of his misconduct while employed by National Planning Corporation and MML Investors Services. Specifically, a customer filed an investment related complaint regarding Parker’s conduct in which the customer sought more than $5,000.00 in damages supported by accusations that investment recommendations failed to be suitable for the customer.
Parker is referenced in another customer initiated investment related complaint where the customer requested $10,000.00 in damages founded on allegations that when Parker was employed by MML Investor Services LLC, the customer’s annuity was inappropriately liquidated to fund another annuity purchase. Also, a customer initiated investment related arbitration claim involving Parker’s activities was settled for $29,000.00 in damages based upon accusations that unfounded statements had been made to the customer concerning the terms and conditions of variable annuities that Parker sold. FINRA Arbitration No. 16-01363 (May 10, 2018).
Parker has also been terminated from two separate securities broker dealers for misconduct on the job. Specifically, Parker was terminated from Park Avenue Securities LLC supported by allegations that he failed to comply with Park Avenue Securities’ procedures and policies pertaining to certain outside business activities detected by FINRA through an investigation. Parker was also discharged from USA Financial Securities Corporation founded on accusations that he forged or falsified documents.
