Paul Edwards, a stockbroker from Palm Bay, Florida, associated with NYLIFE Securities LLC agreed to the impositon of sanctionsby Financial Industry Regulatory Authority (FINRA) for forgery. According to the AWC, FINRA found that Edwards committed violations of Rules 2010 and 4511 by allegedly forging of customer signatures and falsifying customer documents between September 2022 and February 2023. AWC No. 2022076567401.
According to FINRA, Edwards was found to have electronically signed the names of two customers on an insurance application without their authorization and altered seven documents after they were signed by six different customers. These included required forms, such as automatic investment authorizations and one-time distribution requests, submitted to the firm. One customer lodged a complaint upon learning of the forgery.
The alleged conduct also involved asking customers to pre-sign blank forms, which were then completed by Edwards and submitted to NYLIFE Securities LLC. FINRA determined that these actions led to the maintenance of inaccurate records, a violation of FINRA Rule 4511. Additionally, the electronic forgery of signatures without prior consent contravened FINRA Rule 2010, which requires compliance with high standards of commercial honor. One of the altered documents was discovered after a customer complaint reached the firm. However, none of the customers involved in signing blank forms reported grievances.
On December 9, 2024, Edwards entered into a settlement with FINRA via a Letter of Acceptance, Waiver, and Consent (AWC). This settlement included a two-month suspension from associating with any FINRA member in all capacities and a $5,000.00 fine. The suspension was set to begin on December 16, 2024, and end on February 15, 2025.
According to FINRA Public Disclosure, Edwards was also involved in a customer dispute settled by NYLife Securities LLC. The dispute arose from allegations that two fixed annuities purchased in December 2016, one of which was funded using proceeds from a securities account, were not in the customers’ best interest. The firm determined that damages would exceed $5,000.00, although no specific amount was initially alleged by the customers. The complaint, received on May 18, 2017, was resolved on August 16, 2017, with a settlement amount of $615,648.53. Edwards did not contribute personally to the settlement.
In a separate complaint, a customer alleged that an application for life insurance was signed without her knowledge or consent. This complaint, also involving NYLife Securities LLC, was received on September 13, 2022. The product in question was an insurance policy. The case was closed without action on October 14, 2022. No damages were alleged, and no settlement was made.
Edwards has a professional history of employment at Edward Jones from September 2011 to April 2012 and at NYLIFE Securities LLC from August 2012 until June 2023.
