Christopher Steven Coffey, formerly a stockbroker with Allstate Financial Services LLC in Johnson City, Tennessee, has been sanctioned by Financial Industry Regulatory Authority (FINRA). On October 29, 2024, FINRA alleged that Coffey forged customer signatures on two variable annuity withdrawal forms, violating FINRA Rules 2010 and 4511. These actions resulted in the maintenance of inaccurate records by the securities broker dealer. Letter of Acceptance, Waiver, and Consent (AWC) No. 2023080583901.
The findings indicate that in September 2022, Coffey submitted two variable annuity withdrawal forms by attaching a legitimate customer signature page from an earlier form, altering the date, and submitting them without the customer’s authorization. Although the customer received the withdrawn funds and Coffey did not personally benefit from the transactions, FINRA concluded his actions violated industry standards. Coffey consented to a two-month suspension from associating with any FINRA member, effective November 4, 2024, through January 3, 2025, and was fined $5,000.
Public Disclosure also shows that a customer filed a complaint on March 11, 2024, alleging Coffey cut and pasted her signature on documents concerning an IRA variable annuity and provided misinformation about penalties linked to a prior annuity liquidation. The matter was resolved on May 3, 2024, for $27,788. The resolution included rescinding the annuity contract and reinstating the original annuity without surrender charges.
Another complaint filed on November 9, 2023, claimed Coffey cut and pasted the customer’s signature on withdrawal requests dated September 28 and 29, 2022. This case was settled on January 16, 2024, for $8,043.55, with Coffey contributing $1,000 toward the settlement.
Allstate Financial Services LLC terminated Coffey on December 15, 2023, following allegations related to submitting variable annuity forms containing non-genuine signatures.
