Florida Broker Suspended for Forging Client Signatures/Initial to Transfer Funds
Jennifer Lillian Basey (CRD#: 4730054) is a licensed securities broker and registered investment advisor (RIA). From January 2004 to December 2019, Ms. Basey served as a representative for Edward Jones (CRD#: 250) in Fort Myers, Florida. In December, she separated from the brokerage firm after allegations involving unauthorized client signatures.
Regulators launched their own investigation into the alleged misconduct. On March 24th, FINRA announced sanctions against Florida broker Jennifer Basey for forging customer signatures and initials. Below, our Miami investment fraud attorneys discuss the Acceptance, Waiver & Consent (AWC).
Allegations: Forged Signatures, Transfers Without Authorization
The underlying allegations in this matter involve two separate occasions—one that occurred in July 2019 and another that happened in October 2019. In both cases, former Edward Jones advisor Jennifer L. Basey was accused of improperly forging customer signatures on important financial documents.
In the first instance, Ms. Basey—with permission from the customer, signed a document with a client’s name to allow for the transfer of financial assets between institutions. In the second case, Ms. Basey forged the initials of two clients (a married couple) to facilitate the transfer of funds. Here, she did not have authorization to do so—but she did, at a later date, get the customers’ approval in writing.
This broker’s conduct was in direct violation of her firm’s internal rules. Edward Jones has a supervisory system in place that required all of its registered representatives to obtain valid, authentic signatures from clients. While Ms. Basey violated both firm policy and securities industry regulations, FINRA noted that there is no evidence she did so for personal gain or at the expense of her customers.
FINRA Sanctions: 60-Day Suspension from the Industry, $5,000 Fine
Based on the findings of the investigation, regulators determined that former Edward Jones broker Jennifer Basey violated FINRA Rule 2010. Under Rule 2010, all registered representatives and associated persons are required to uphold the “highest standards of commercial honor.” Failure to do so can result in serious sanctions. Ms. Basey consented to the findings and the sanctions, which include:
- A 60-day suspension from the securities industry; and
- A $5,000 financial penalty.
The suspension will run from April 20th, 2020 until June 19th, 2020. Ms. Basey is barred from associating with any member firm in any commercial capacity during this time. Financial advisors must comply with all applicable securities industry regulations. These rules are designed to protect investors. If you suffered losses because your broker made an unauthorized trade or unauthorized transaction, an attorney can help.
Call Our Miami Broker Negligence Lawyer for Immediate Help With Your Case
At Carlson & Associates, P.A., our skilled Florida investment fraud attorneys are experienced, results-driven advocates for investors. If you suffered financial damage as a result of your advisor’s negligent actions, we can offer guidance and support. Call us right away for a confidential, comprehensive initial consultation. With an office in Miami, we serve clients throughout the state of Florida.
Resource:
brokercheck.finra.org/individual/summary/4730054