South Florida Arbitration & Litigation Lawyer Blog
Variable and Fixed Annuity Fraud Misrepresentation and Negligent Supervision Attorney, Russell L. Forkey, Esq.
December, 2011:
Amir Aqeel (CRD #5151040, Registered Representative, Tomrall, Texas) submitted an Offer of Settlement in which he was suspended from association with any FINRA member in any capacity for two years. Without admitting or denying the allegations, Aqeel consented to the described sanction and to the entry of findings that in completing life insurance policy applications, he placed fictitious electronic funds transfer account numbers on the accounts of customer applicants that he knew were incorrect and submitted the applications for further processing; the fictitious numbers were actually variations of Aqeel’s personal checking account number. The findings stated that based on the submission of the applications, Aqeel received credit towards his compensation; the policies subsequently lapsed due to invalid account numbers. The findings also stated that Aqeel created a credit guarantee document purporting to be a fully executed and authentic surety bond for $12,500,000 by including fictitious information, and used the document in an attempt to secure funding for the development, ownership and management of a hotel project by an entity, and Aqeel was paid approximately $155,000 as a finder’s fee. The findings also included that Aqeel failed to timely respond to FINRA requests to appear for on-the-record testimony. FINRA found that Aqeel forged two customers’ signatures on electronic signature authorization forms, bank authorization forms and/or acknowledgement forms, in completing their life insurance policy applications, without their knowledge or authorization. The suspension is in effect from November 7, 2011, through November 6, 2013. (FINRA Case #2008012703401