Steven M. Wisniewski, of Phoenixville, Pennsylvania, a stockbroker with Cambridge Investment Research, Inc., was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in all capacities after consenting to findings that he forged customer signatures on accounts documents. Letter of Acceptance, Waiver and Consent, No. 2015044110101 (July 22, 2016).
According to the AWC, in September 2013, while Wisniewski was associated with Cambridge Investment Research, he had signed three account documents in the name of a customer despite not having the customer’s approval to do so. The AWC also reported that Wisniewski, in February and in June of 2013, had also forged the client’s initials on three variable annuity exchange documents. FINRA found that Wisniewski’s conduct in this regard was violative of FINRA Rule 2010.
Public disclosure records reveal that Wisniewski has been subject to six disclosure incidents, two of which involve customer disputes. On December 22, 1994, a customer received a judgment in the amount of $8,713.00 against Wisniewski for losing the customer’s funds. On April 12, 2015, Wisniewski settled a customer dispute for $25,000.00 after the customer alleged that Wisniewski engaged in unauthorized trading, misrepresentation, fraud, forgery, and churning.
Despite all that, the District 9 Office of the Financial Industry Regulatory Authority, allowed Wisniewski to basically skate with a three month suspension, either as a result of skilled lawyering by his learned counsel, Denis C. Dice of Marshall Dennehey, Coleman Warner & Goggins, or perhaps based upon FINRA’s scarce enforcement resources, and the District’s historic reluctance to prosecute any case where opposing counsel makes them work.
Wisniewski was previously associated with at least four rogue brokerage firms that were expelled from FINRA or its predecessor, the NASD for fraud and the violation of Self-regulatory Rules, including the famous Hibbard Brown, LC Wegard, and H.J. Meyers. After his three month vacation or sebatical, Wisniewski will be back at it with Newbridge Securities, the Goldman Sachs of the Boca Raton “maggot mile” which ostensible has a franchise office stocked with other graduates of the Wharton School in Phoenixville.
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