Enforcement Actions
Financial Industry Regulatory Authority (FINRA)
CASES OF NOTE
2011
NOTE: Stipulations of Fact and Consent to Penalty (SFC); Offers of Settlement (OS); and Letters of Acceptance Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions & to the entry of findings. Additionally, for AWCs, if FINRA has reason to believe a violation has occurred and the member or associated person does not dispute the violation, FINRA may prepare and request that the member or associated person execute a letter accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member's or associated person's right to a hearing before a hearing panel, and any right of appeal to the National Adjudicatory Council, the SEC, and the courts, or to otherwise challenge the validity of the letter, if the letter is accepted. The letter shall describe the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed.
Charles Joseph Fiorucci
AWC/2010022424201)
Fiorucci relocated his business from a broker-dealer in one state to a broker-dealer in another state, and during the process of moving his customer accounts, Fiorucci falsified customer signatures on new account forms and change in broker-dealer forms. These customers consented to his signing these documents on their behalf, but others did not. The firm’s written supervisory procedures specifically prohibited registered representatives from falsifying and/or forging customers’ signatures on transaction documents and/or other documents.
Charles Joseph Fiorucci : Fined $5,000; Suspended 6 months
Tags: Forgery  Signature  
Bill Singer's Comment
My, what a surprise -- the firm's written supervisory procedures specifically prohibited its RRs from forgery.  I mean, seriously, does FINRA really need to get one last shot in against this guy?  Isn't it enough to note that he falsified documents and forged signatures? As if, what? those two factors wouldn't have constituted a violation but for the fact that they were also in violation of specific WSP prohibitions? Talk about gilding a lily!
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