Joffre Salazar (also known as Jeff Salazar) of Staten Island New York a stockbroker formerly registered with LPL Financial LLC has been fined $5,000.00 and suspended for one year from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Salazar forged signatures of customers on documents to effect unauthorized annuity transactions while he was associated with LPL Financial. Letter of Acceptance Waiver and Consent No. 2019063019901 (Aug. 25, 2021).
According to the AWC, in December of 2017, a customer of Salazar at LPL Financial agreed to buy a fixed annuity which offered a five-year term. The customer signed documents which were submitted to the firm for this transaction. The AWC stated that the application had been rejected in January of 2018 by the issuer of the annuity. The documents were not prepared anew by the customer in response. Instead the customer’s signatures had been forged by Salazar on documents that were meant for the purchase of a seven-year fixed annuity. The customer’s application was submitted and approved by the issuer. FINRA indicated that the customer brought a complaint to LPL Financial’s attention about this transaction not being authorized.
FINRA also noted that in July of 2018, a different customer had been advised by Salazar to purchase a fixed annuity for five years. The application was prepared and executed by the customer for this purchase. The customer did not receive the correct interest rate. After learning of this Salazar had the customer’s signature forged on documents to execute a new five-year fixed annuity which would pay a reduced rate. The customer’s application was approved by the issuer. This customer then complained about Salazar effecting an unauthorized purchase.
Salazar violated FINRA Rule 2010 by making these unauthorized annuity transactions.
FINRA Public Disclosure shows that Salazar has been identified in two customer initiated investment related disputes regarding accusations of his wrongdoing. Salazar is referenced in a customer initiated investment related written complaint in which the customer sought more than $5,000.00 in damages based upon allegations that Salazar made misrepresentations to the customer regarding a Pacific Life variable annuity. The complaint alleges that Salazar gave the customer unsuitable advice concerning the investment when he was associated with IFMG Securities Inc.
On July 2, 2019, another customer initiated investment related complaint involving Salazar’s conduct was settled to resolve accusations of an unauthorized account between May 31, 2019 and July 2, 2019 when Salazar was associated with American Portfolio Financial Services.
Salazar was discharged by American Portfolios Financial Services on September 27, 2019 founded on allegations of his improper conduct with customers’ applications.