The Financial Industry Regulatory Authority (FINRA), which regulates brokerage firms and brokers selling securities in the United States, has fined Robert Earl Holaday of La Mesa $10,000 and suspended him from association with FINRA members for two years.
According to FINRA, Holaday forged or caused to be forged a customer's signature on a new account application form and financial advisor change form, and two customers' signatures on financial change forms to transfer three customers' accounts from one brokerage to another. FINRA concluded that the customers never signed the forms, never authorized anyone to sign the forms on their behalf, and never returned the forms to Holaday.
Holaday submitted the new account application to his firm and the financial advisor change forms to a mutual-fund company on the customers' behalf. The sanctions have been appealed and won't go into effect until the appeals process is complete.