David Brian Test of Dallas, Texas, a stockbroker registered with Northwestern Mutual Investment Services LLC, has been fined $5,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because he falsified documents and forged customer signatures. Letter of Acceptance, Waiver, and Consent No. 2021072263801 (January 19, 2023).
According to the AWC, between February and March 2021, during the time that he was associated with Northwestern Mutual, on a total of seven accounts, Test forged the initials of seven firm customers. Specifically, Test provided customers with documents that were necessary to transfer their assets to a mutual fund. After the customers had signed the documents, Test realized that those customers failed to check certain boxes on the documents concerning the rationale for the transactions. Test checked those boxes and forged the customers’ signatures next to the boxes. Test then submitted the documents to Northwestern Mutual. Test did not have permission from the customers to check the applicable boxes or sign the customers’ initials. Therefore, he violated FINRA Rules 2010 and 4511. Test also caused Northwestern Mutual to violate Securities Exchange Act of 1934 Section 17(a) and Rule 17a-3.
FINRA Public Disclosure additionally shows that Test is the subject of a customer initiated investment related written complaint that was settled for $18,221.12 on December 21, 2021, based upon allegations that Test omitted information about contingent deferred sales charges in connection with the recommendation and sale of municipal bonds during the time that Test was associated with Northwestern Mutual.
Test was associated with Northwestern Mutual in Dallas, Texas, as a stockbroker and investment adviser representative between January of 2009 and August of 2021. He was permitted to resign by Northwestern Mutual for forging customers’ signatures on documents.
Test has been associated with Avantax Investment Services Inc. in Frisco, Texas, as a stockbroker since October 7, 2021, and has been associated with Avantax Advisory Services as an investment adviser representative since November 9, 2021.
