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William C. Yi Barred for Altering Customer's Check, Converting Funds for Personal Use

FINRA barred former Farmers Financial Solutions LLC broker and Farmers Insurance Group property and casualty insurance agent William C. Yi for allegedly altering a customer's check and then converting the funds for personal use and without the customer's knowledge, authorization or consent.

FINRA Case #20130381730

According to the investigation, the customer sent a premium payment for his Farmers Insurance account to Yi via check in the amount of $5,169. Yi allegedly altered the check by adding his own name to the payee line by using the words, "William Yi Agency," such that the full name of the fabricated payee read, "Farmer's Insurance William Yi Agency."

The investigation states that Yi then endorsed the back of the check, deposited into his own insurance business checking account and converted the entirety of the $5,169 in funds for personal use without his client's knowledge or authorization.

The findings further state that Yi's customer allegedly insured a second vehicle that he did not own in order to obtain a multi-car auto insurance discount.

If you have invested with William C. Yi or with any broker, agent or firm whose unauthorized modification of a drafted check, such as by changing the identity of the payee, 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.

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