Michigan Advisor Clears Records Of False Forgery Allegation

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Award Date: May 28, 2025

Representative: Austin Davis, J.D.

Respondent Firm: Bankers Life Securities, Inc.

Quick Summary

  • Issue: A baseless 2023 customer complaint alleging signature forgery on a fixed-index annuity (FIA) application.
  • Evidence: Testimony and digital audit trails proved the client signed documents electronically in the advisor’s presence.
  • Outcome: Full expungement ordered from CRD and BrokerCheck® records.
  • Legal Basis: Relief granted under FINRA Rule 2080 after the allegations were found to be “false and clearly erroneous.”

Case Objective:

In September 2023, a Michigan-based financial advisor with nearly two decades of experience faced a baseless forgery allegation. The complaint claimed the advisor had forged a client’s signature on a fixed-index annuity (FIA) application from February 2022. To protect his professional reputation and remove the damaging disclosure from his BrokerCheck record, the advisor engaged HLBS Law to pursue expungement through FINRA Dispute Resolution.

Summary:

The FA filed his Statement of Claim with FINRA Dispute Resolution, seeking expungement of the claim under FINRA Rule 2080 and asserting that the forgery allegation was false and clearly erroneous. Bankers Life Securities did not oppose the request, though it denied the allegations in its December 2024 Statement of Answer.

The expungement hearing occurred via videoconference on May 16, 2025, with Austin Davis, Esq., presenting the FA’s case through testimony and evidence, including signed suitability and disclosure forms and witness statements confirming the couple’s signatures and the husband’s erratic behavior. The couple did not attend, despite having received proper notification.

The FINRA arbitration Panel reviewed the pleadings, testimony, and evidence. They found the forgery allegation false. In its award, the Panel noted that “The testimony of [the FA] and documentary evidence showed that [the wife had] signed the suitability form [] and the Disclosure Form [] digitally in the presence of [the FA] and [her] husband” and that, “A few days after signing these forms, the [wife] personally delivered checks to purchase the annuity at issue.

Resolution: 

On May 28, 2025, the Panel ordered the expungement of all references to the claim from the FA’s CRD and BrokerCheck® records, per FINRA Rule 2080. The decision restores the FA’s unblemished record, allowing him to continue his career free from the shadow of a false 2023 complaint and reaffirming his commitment to ethical service in the financial services industry.

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Expungement Award