FINRA suspended former Farmers Financial Solutions of Woodland, CA rep Vincent Bee Payne for falsifying multiple customers' signatures on firm documents without any of the customers' consent or authorization. The ban follows a Farmers Insurance action terminating Payne's appointment for "forging property & casualty" clients' signatures.
The report states that Payne (CRD #5796662), who also dealt insurance with affiliated company Farmers Insurance, forged at least three customers' signatures on at least three Memorandums of Insurance and Subscription Agreements that Farmers Financial says materially changed the policies from "company" to "agent" policies.
Investigators noted that forging the signatures and changing the types of policies from company to agent enabled Payne to retain future commissions on the related policies, and furthermore prevented Farmers Insurance from reassigning the aforementioned policies and commissions to other agents.
Though Farmers Financial, which terminated Payne in 2015, wrote that Payne "admitted to forging insureds' signatures," Payne himself denied the allegations and actually refuted any wrongdoing "related to this complaint."
If you have invested with Northern California broker Vincent Bee Payne, formerly of Farmers Financial Solutions' Woodland branch, or with any broker or financial adviser who has forged or otherwise falsified your signature, improperly amended forms, or otherwise altered documents without your consent or authorization and such manipulation has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.