According to FINRA, Chad Michael Rogers of Tuttle, Oklahoma was assessed a deferred fine of $5,000 and suspended from association with any FINRA member firm in all capacities for 45 days for impersonating customers during phone calls.

Rogers impersonated customers during calls to his prior member firm to facilitate the transfer of their accounts to his new employer or, in some instances, to transfer funds to the customers' bank accounts.

FINRA noted that while the customers consented to transferring their accounts or funds, none of them gave Rogers permission to impersonate them during these calls.

Customer consent to a transaction does not authorize a representative to assume their identity. Impersonation undermines the verification processes firms use to confirm that requests are legitimate. These processes exist to protect customers from unauthorized transactions.

When representatives impersonate customers, they circumvent important safeguards. Even when the underlying transaction is authorized, the method is improper and potentially fraudulent.

The 45-day suspension runs from August 4, 2025 through September 17, 2025.

The relatively brief suspension reflects that the underlying transactions were authorized and no customers were harmed. However, the conduct itself—impersonating customers to circumvent verification procedures—is serious misconduct that firms and regulators cannot tolerate.

For investors, this case highlights the importance of identity verification procedures. When firms ask verification questions during phone calls, they are protecting your account from unauthorized access. These procedures should never be bypassed, even for legitimate transactions.

If you want to authorize a representative to act on your behalf, work with your firm to establish proper authorization procedures rather than allowing impersonation.