Joey Cless Broussard, of Allen, Texas, a registered representative with Source Capital Group, Inc., was barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity per a FINRA Office of Hearing Officers Default Decision containing findings that Broussard forged and falsified a document in connection with a customer’s investment. Department of Enforcement v. Joey Cless Broussard, No. 2013035039101 (Aug. 9, 2016).
According to the Decision, in August of 2010, Broussard effected the sale of an investment to a customer, MH, pertaining to a limited partnership interest in oil and gas issued by Bayou City Exploration, Inc. Apparently, the customer made a purchase of $15,000.00 in the Bayou City Exploration limited partnership.
The Decision stated that in connection with the investment opportunity, Bayou City provided customers the ability to rescind the contract within ten days of purchase, so long as the rescission was requested by the investor in writing. Apparently, MH attempted to rescind her interest in the limited partnership in August of 2010, prompting Broussard to contact MH accordingly.
Broussard reportedly attempted to convince MH to hold on to the investment, and instructed her that cancelling her investment required a second rescission request to the issuer. The Decision stated that MH did not follow up with a second request. Subsequently, according to the Decision, Broussard drafted a letter in which he purported to be MH. In so doing, Broussard apparently requested that the rescission request be cancelled and ultimately forged MH’s signature. FINRA found that MH never provided Broussard permission to engage in such conduct.
FINRA claimed that Broussard’s intent was to deprive MH of her rescission rights as well as deprive her of repayment of the $15,000.00. The Decision stated that Broussard’s deliberate conduct, which included faxing the letter to Bayou City in an attempt to commit fraud against the elderly investor, was violative of FINRA Rule 2010, leading to his permanent bar.
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