According to FINRA, Curtis Wayne Smith of Omaha, Nebraska was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in all capacities for three months for impersonating a customer, exercising unauthorized discretion, and using personal email for business communications.

Smith impersonated a customer on four telephone calls to an annuity provider to obtain paperwork facilitating a transaction the customer had agreed to. While the transaction itself was authorized by the customer, impersonating someone on a call—even with good intentions—is a serious violation that undermines the integrity of authentication processes financial institutions rely upon.

Smith also exercised discretionary authority in a non-discretionary account by reallocating a variable annuity's subaccount allocation without the account owners' prior written authorization. To conceal this misconduct, he used a personal email account to discuss the transaction with the affected customers. He then falsely certified to his firm that he did not use discretion in commission-based accounts.

Additionally, Smith used two personal email accounts to conduct securities business, including responding to customer inquiries, providing investment summaries, and communicating with annuity providers about transactions. He falsely attested that he was sending and receiving all business communications through approved channels.

The use of personal email for business communications is prohibited because it prevents firms from supervising communications and maintaining required records. Smith's false attestations compounded the violations.

The suspension is in effect from April 21, 2025, through July 20, 2025.

Investors should communicate with their brokers only through firm-approved channels. If a broker asks you to use personal email or other unapproved methods, this is a red flag that should be reported.