Ricky Mills Higgins of Spartanburg South Carolina a stockbroker formerly employed by ProEquities Inc. has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he utilized signed but otherwise blank forms to effect mutual fund transactions in customer accounts. Letter of Acceptance Waiver and Consent No. 2016050244501 (Feb. 22, 2018).
According to the AWC, between January 1, 2013 and May 25, 2016, Higgins procured Universal Switch Letters and Mutual Fund Investor Acknowledgment forms that were signed but otherwise blank from one-hundred thirty customers so that Higgins could effect trades in the customers’ accounts. Apparently, forms were completed subsequent to transactions already having been executed in the customers’ accounts. The AWC stated that Higgins’ conduct in that regard was violative of the firm’s policies. FINRA ultimately found that Higgins violated FINRA Rule 2010.
Higgins was discharged by ProEquities on May 25, 2016 based upon allegations that he caused customers to furnish signed but otherwise blank forms and had reused customers forms to effect trades. Since May 26, 2016, Higgins has been associated with First Heartland Capital, Inc.
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