Jennifer Lillian Basey (also known as Jennifer Lillian Hilliard) of Fort Myers Florida a stockbroker formerly registered with Edward Jones has been fined $5,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she forged customers’ signatures to effect fund transfers. Letter of Acceptance Waiver and Consent No. 2019064947501 (Mar. 24, 2020).
According to the AWC, between July 11, 2019 and November 5, 2019, customers’ signatures had been forged by Basey on documentation including Qualified Plan Distribution Forms to effect transfers of those customers’ assets. FINRA stated that the documents were signed by Basey without customers having provided any authorization beforehand. Basey also disregarded the procedures implemented by Edward Jones which called for customers’ signatures to be authentic and original. Basey violated FINRA Rule 2010 in this regard.
This is not the first time that Basey has been sanctioned by a securities regulator for misconduct. On February 12, 2020, she was issued a Notice of Intent to Deny, Condition or Limited Securities Agent Registration Application by the Michigan Securities Administrator based upon allegations of her unethical or dishonest actions while registered with Edward Jones. Case No. 342307.
Basey has been identified in two customer initiated investment related disputes containing allegations of her misconduct while employed by Edward Jones. FINRA Public Disclosure reveals that a customer initiated investment related complaint involving Basey’s conduct was settled for $36,500.00 in damages based upon accusations of a highly leveraged and unsuitable investment strategy being recommended by the stockbroker for the customer. According to the complaint, the customer was inappropriately advised by Basey to refinance a home and then use proceeds to invest in the market. The customer was allegedly promised eight percent returns. The complaint also alleges that Basey’s recommended transactions resulted in the customer sustaining losses and having to face potential bankruptcy.
Another customer initiated investment related complaint involving Basey’s conduct was settled to resolve allegations that the customer was provided misleading information about the amount of interest that the customer would earn. The complaint also alleges that the customer was not advised by the stockbroker that there could be a decline in the value of the customer’s mutual fund holdings.
Basey was discharged by Edward Jones based upon its concerns of Basey falsifying customer signatures. Since January 13, 2020, she has been registered with Stifel Nicolaus.
