Securities, Commodities and Precious Metals Attorney, Russell L. Forkey, Esq.
Brian Edwin Raines (CRD #2687245, Registered Representative, Pickens, South Carolina, formerly licensed with Amerprise Financial Services, Inc.) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $10,000 and suspended from association with any FINRA member in any capacity for two years. The fine must be paid either immediately upon Raines’ reassociation with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier. Without admitting or denying he findings, Raines consented to the described sanctions and to the entry of findings that he signed or acquiesced in the signing of customer signatures without the customers’ knowledge or authorization on forms and documents related to the customers’ brokerage accounts. The findings stated that the forms and documents included new account forms, investment advisory service agreements, annuity applications, annuity surrender/withdrawal forms, annuity 1035 exchange forms, real estate investment trust applications and financial planning forms. The findings also stated that Raines knew that his member firm did not permit employees to sign the customers’ names on documentation related to their accounts. The suspension is in effect from March 7, 2011, through March 6, 2013. (FINRA Case #2009017411901).
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