Michael Roger Griffith of Timonium, Maryland, a stockbroker with NYLIFE Securities LLC, was barred from association with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he had submitted fictitious applications for life insurance and forged customer signatures without authorization. Letter of Acceptance, Waiver and Consent, No. 2015046129301 (Jan. 8, 2016).
According to the AWC, in December 2014, Griffith had put in two fictitious applications for life insurance policies on behalf of a customer of NYLIFE without permission. Griffith reportedly forged the customer’s signature on the documents and subsequently set up an automatic debit using the customer’s banking information. The AWC indicated that the customer’s account was debited $1,220.00. The policies were ultimately cancelled after the customer contacted NYLIFE, where the customer was repaid the $1,220.00.
FINRA found that as a result of Griffith’s conduct, he violated Rule 2010 – a rule which requires that stockbrokers to observe high standards of commercial honor and just and equitable principles of trade.
Firms and individuals, not surprisingly, are prohibited from unauthorized use of customer funds, borrowing of a customer’s securities or funds, forgery, non-disclosures or misstatements of material facts, and various deceptions and manipulations. Such conduct can also be found to violate criminal and other civil laws, and be subject to sanction from the federal and state government bodies.
Public disclosure records via FINRA’s BrokerCheck reveal that on June 15, 2015, Griffith had settled a customer dispute for $900.00 after the customer claimed that two traditional life insurance policies issued in December 2014 were opened and premiums were drafted from his bank account without his authorization. NYLFE discharged Griffith on August 10, 2015, in connection with his misconduct.
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