South Florida Arbitration & Litigation Lawyer Blog
Stock Broker Fraud, Misrepresentation and Mismanagement FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq.
January, 2012:
Theora McMillan (CRD #5779512, Associated Person, Apex, North Carolina) submitted a Letter of Acceptance, Waiver and Consent in which she was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, McMillan consented to the described sanction and to the entry of findings that she submitted false insurance applications electronically to her member firm, generating commissions to which she was not entitled. The findings stated that as part of the process, McMillan was required to provide telephone numbers, social security numbers and bank account information for the customer. In many instances, the information McMillan provided was false, either nonexistent, did not belong to the named insurance applicants, or in some cases the signatures on some of the written applications she submitted did not match the signatures of the persons identified as customers. The findings also stated that McMillan was credited with commissions earned on the policies upon completion and submission of the applications. (FINRA Case #2011027687601).