Benjamin J. Herauf, of Dickinson, North Dakota, a stockbroker registered with Edward Jones, has been fined $5,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he forged a customer’s account documentation. Letter of Acceptance, Waiver and Consent, No. 2016052114701 (Dec. 4, 2017).
According to the AWC, on October 6, 2016, an Edward Jones customer, JM consulted with Herauf about the potential transfer of JM’s assets held away from the firm into Edward Jones accounts. Apparently, the transfers were never authorized by the customer as a result of the customer’s and Herauf’s meeting. Despite that, Herauf forged signatures of JM on Edward Jones documentation, causing three transfers of outside mutual fund assets into an investment account at Edward Jones. Subsequently, customer JM learned of the transactions upon contacting the firm. FINRA found that Herauf’s unauthorized activities in this regard was violative of FINRA Rule 2010.
FINRA Public Disclosure confirms that on November 1, 2016, Herauf was fired by Herauf founded by accusations of Herauf placing the customer’s signature on four documents without the knowledge or approval of the customer.
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