Justin Y. Gerow, of Punta Gorda, Florida, a stockbroker registered with LPL Financial LLC, has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Gerow forged customer signatures on documents without their prior permission, causing the securities broker dealer to maintain inaccurate records. Letter of Acceptance, Waiver, and Consent No. 2023078871001 (September 20, 2024).
FINRA Rule 4511 requires stockbrokers and securities broker dealers to keep accurate records of business-related communications. These records are essential for keeping track of activities like transactions, customer communications, and other business details. If the information in these records is wrong, it can cause serious problems because other financial actions may be based on those records. Forging customer signatures and causing a company to keep inaccurate records also violates Rule 2010.
According to the AWC, between February and March 2023, while transitioning customers from his previous employer to LPL Financial, Gerow signed the names of 12 customers on forms required to change their financial representatives. Most of these forms related to securities products, including mutual funds and variable annuities. One of the customers complained about the unauthorized signature.
Gerow violated FINRA Rule 4511 and FINRA Rule 2010.
FINRA Public Disclosure also shows that on September 1, 2009, a customer filed an investment related complaint involving Gerow’s conduct in which the customer requested $93,000.00 in damages based upon alleged unsuitable recommendations in mutual funds during the time that Gerow was associated with PFS Investments Inc.
Gerow was associated with LPL Financial LLC in Punta Gorda, Florida from January 27, 2023, to May 25, 2023. Gerow was associated with PFS Investments Inc. in Punta Gorda, Florida from October 3, 2001, to January 27, 2023.
