According to FINRA, David Michael Stevens was barred from association with any FINRA member in all capacities on March 21, 2022, for forging signatures without authorization.

Stevens submitted multiple life insurance applications for a customer worth $23,950,000 and applications for multiple loans on the policies totaling approximately $1,000,000. When questioned by his firm about the policies and loans, Stevens submitted two letters - one purportedly from the customer's estate attorney and another purportedly from the customer's accountant. Neither letter was genuine. Stevens created and falsified both letters prior to submitting them to the firm.

Forgery represents one of the most serious forms of misconduct in the financial services industry because it demonstrates dishonesty and willingness to deceive firms and potentially customers. When a representative forges professional letters to deceive his employer, it raises serious questions about what other misconduct may have occurred.

The magnitude of the insurance policies ($23,950,000) and loans (approximately $1,000,000) suggests these were significant financial transactions. Stevens' forgery of letters from professionals to justify these transactions to his firm indicates he knew the firm would have concerns about the transactions and chose to deceive rather than provide legitimate explanations.

Forgery undermines the entire system of compliance and supervision that protects investors. Firms rely on documents and representations from their registered representatives to supervise their activities. When representatives forge documents, they defeat supervisory systems designed to prevent misconduct.

This case illustrates why honesty and integrity are fundamental requirements in the securities industry. The bar prevents Stevens from working with investors, protecting the public from someone who demonstrated willingness to forge professional documents to deceive his employer.

Investors should verify that documents purportedly from their attorneys or accountants are genuine and be alert to any requests for unusually large insurance policies or loans that may not align with their financial planning needs.