John Clifford Park, of Sioux Falls, South Dakota, a stockbroker registered with FBL Marketing Services LLC, has been barred by Securities and Exchange Commission (SEC) because Park committed forgery. In the Matter of John Clifford Park, Order No. 3-20399 (July 16, 2021).
SEC noted that on January 6, 2020, South Dakota’s Insurance Division (SDID), in a case concerning John Park and John Park Agency Inc., delivered a final ruling barring him from selling securities permanently in South Dakota, withdrew his local insurance dealer license, and commanded him to stop conducting insurance businesses in South Dakota. In the final decision, SDID claimed that Park had, over the years, forged his customers’ signatures on several insurance documents, breaching South Dakota laws that forbid forgery and fraud by insurance sellers. SDID claimed that Park submitted insurance policies without South Dakota customers’ permission or awareness, violating South Dakota law.
This is not the first time that Park has been the subject of a regulatory action concerning Park’s conduct in the securities industry. Public Disclosure shows that Park has been ordered to cease and desist violating laws or rules of the state of South Dakota because Park committed forgery. Consent Order No. 1009978 (January 6, 2020).
On February 25, 2020, Park was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Park failed to provide information and documents to FINRA during the time that it investigated possible violations of FINRA rules. Letter of Acceptance, Waiver, and Consent No. 2019064202601.
On October 9, 2019, FBL Advertising Services told FINRA that Park was terminated after its partner insurance firm ended Park’s agreement. The insurance affiliated alleged that he broke their rules concerning business operations and payment of premiums. FINRA started probing Park after it got FBL’s Form U5.
On October 25, 2019, FINRA personnel sent a request to Park for the delivery of information and documents. Park was given additional time to reply but didn’t supply the documents by the lengthened deadline. As affirmed in his lawyer’s February 10, 2020 email, Park confirmed that he got FINRA’s request and won’t comply. By declining to hand over the documents, FINRA found that Park violated Rules 2010 and 8210.
Park was associated with FBL Marketing Services LLC as a stockbroker between May 19, 2011, and October 9, 2019.
