Denise Marie Bucci of Conshohocken Pennsylvania a stockbroker formerly employed by Raymond James Financial Services Inc. has been fined $7,500.00 and suspended for one year from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Bucci falsified and forged customer signatures on documents used to effect investment transactions in the firm’s customers’ accounts. Letter of Acceptance Waiver and Consent No. 2017055313301 (Apr. 11, 2019).
According to the AWC, from October of 2013 to April of 2017, while associated with Raymond James Financial Services, Bucci assisted with the securities business of one of the firm’s stockbrokers, KM, who was also a branch manager. Throughout this time, Bucci was evidently restricted from signing documents for KM’s customers even if customers requested them to be signed. Further, Bucci was not allowed to initial or sign any other name than her own on the documents utilized by the firm.
Apparently, in April of 2017, the Asset Management Services Division of Raymond James Financial Services rejected the documentation of a customer because of an outdated signature. In responding to the issue, a new form had been furnished to the firm by Bucci containing the same signature of the customer; the only difference being a new date. When probed about the falsification of the customer’s signature, Bucci claimed to Raymond James Financial Services that it was the only time she engaged in the prohibited conduct.
Evidently, in 2017, the firm conduced a branch examination which indicated that on seventy-four occasions, Bucci forged signatures of KM on investment related documentation. Supposedly, the signatures of KM had been forged by Bucci so she could hide from KM that she impermissibly modified the signatures of customers on the documents. The AWC further stated that on twenty-five occasions, Bucci placed false customer signatures on IRA distribution forms; trading authorizations; transfer requests; and customer agreements. Bucci reportedly admitted to having committed forgery after she was internally investigated by the firm.
FINRA found that Bucci’s forgery and falsification of documents was violative of FINRA Rule 2010. Moreover, FINRA stated that Bucci caused the records and books of Raymond James Financial Services to be inaccurate through her forgery and falsification of signatures; conduct violative of FINRA Rules 2010 and 4511.
Bucci was discharged by Raymond James Financial Services on July 20, 2017 supported by accusations that Bucci violated the firm’s customer signature policy.
