FA Under Investigation for Forgery Skips Court – Now He’s Banned
A former Northwestern Mutual Investment Services advisor has been barred by Finra for failing to provide documents and failing to appear for on-the-record testimony, a letter of acceptance from the industry’s self-regulator reveals.
Donnell Noah Bowen was under investigation for allegations of forgery of client signatures on non-variable insurance documents.
Bowen was allowed to resign from Northwestern Mutual in January after the incident was exposed. Following his departure, Northwestern noted additional complaints regarding Bowen, who had joined the firm in 2009.
A number of forgeries by financial services employees have come to light recently. For example, New York investment advisor Dean Mustaphalli was alleged to have faked documents and subsequently invested his clients’ funds in his own hedge fund without their knowledge, as reported. For his crimes Mustaphalli is facing charges including forgery, securities fraud, and grand larceny.
As a result, Finra has been cracking down on forgery, evidenced by a June decision to ban a former broker assistant at Transamerica Financial Advisors, as recently reported.
To accelerate account transfers, Francis Acosta faked customer signatures on account transfer documents and caused someone to impersonate a client on numerous phone calls.
Acosta’s violations originally took place in December of 2015, but she did not come clean until March of 2017.