FINRA fined Gabriel Arnaud Dupin de Saint Cyr of Torrance,California and fined him $7,000 for allegedly signing his supervisor's name on two "Change of Broker/Dealer Request" forms without her knowledge or consent.
According to the investigation, while employed as a registered sales assistant with Waddell & Reed, Inc. in 2009, Dupin de Saint Cyr additionally obtained 10 "pre-signed" documents from six firm customers—including applications, acknowledgement of change of investments, designation of beneficiaries and account transfer forms that were blank or otherwise incomplete, but containing the customers' signatures.
FINRA also found that during this same period, Dupin de Saint Cyr forwarded two variable annuity ("VA") applications directly to an insurance carrier and without prior firm review.
FINRA charges that by forwarding the VA applications to the insurance carrier and by forging his supervisor's signature without her conent, Dupin de Saint Cyr's knowingly prevented Waddell & Reed from reviewing the transactions for suitability, pursuant to standard firm procedures and policy.
Waddell & Reed terminated Dupin de Saint Cyr's employment in 2010.
If you have invested with a broker, general securities representative or other financial professional who has obtained pre-signed documents from you or otherwise engaged in actions that may in violation of firm policy, and such misconduct has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.