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Transamerica Employee Forged Signatures — and Now She’s Banned

June 4, 2018

By signing a customer’s name on account transfer documents, a former brokerage assistant at Transamerica Financial Advisors has earned a ban from the industry.

Self-regulator Finra has banned Francis Acosta, who was fired from Transamerica in May 2017 for her actions, InvestmentNews reports.

In a bid to hasten account transfers at the firm, Acosta not only faked customer signatures on account transfer documents, she “caused someone” to impersonate the client on five separate phone calls with the client’s previous broker. Acosta subsequently also forged her broker’s signature on related forms, according to InvestmentNews.

While the misdeeds took place December 2015, it was not until March 2017 that the broker’s assistant finally admitted to them, according to the publication.

The ban follows similar circumstances revealed by Finra earlier in the year when Finra barred a former broker who forged his client’s signature on an unauthorized application for a $150,000 annuity.

(Getty)

In February 2017 Craig Walker, a broker then registered with New York Life Securities, signed for a 79-year-old client on an application for a fixed annuity.

By FA-IQ Staff
  • To read the InvestmentNews article cited in this story, click here.