Bad Broker

FINRA Bars Christopher J. Booher for Refusing to Cooperate with Fraud Investigation

2024-09-20

My Bad Broker

According to FINRA, Christopher J. Booher (CRD #7645159), formerly based in Kechi, Kansas, was barred from association with any FINRA member firm in all capacities effective September 20, 2024. The bar was imposed through an Acceptance, Waiver, and Consent (AWC) agreement after Booher refused to produce the information and documents requested by FINRA in connection with an investigation that originated from an amended Form U5 submitted by his former member firm. The amended Form U5 stated, in part, that Booher had submitted fraudulent accident-only insurance policy claims on himself and a family member and submitted fraudulent business expenses for reimbursement. Additionally, during the course of its investigation, the firm found that Booher had also forged birthdates on applicants' applications to quote coverage. Without admitting or denying the findings, Booher consented to the sanction. The underlying allegations in this case paint a troubling picture of systematic dishonesty. Submitting fraudulent insurance claims and falsifying business expense reimbursements are forms of fraud that harm both the firm and its clients. Forging birthdates on insurance applications is particularly concerning because it can result in customers receiving inaccurate coverage quotes, potentially leading them to purchase policies that do not reflect their actual risk profile or premium obligations. This type of document falsification undermines the integrity of the insurance underwriting process and can have real financial consequences for consumers who rely on accurate information to make coverage decisions. For investors and insurance consumers, this case is an important reminder to carefully review all documents prepared by a financial professional on your behalf, including insurance applications, account forms, and any other paperwork. Verify that personal information such as birthdates, addresses, and beneficiary designations are accurate before signing. If you discover that a broker or agent has falsified information on your applications or other documents, report it immediately to the firm, FINRA, and your state insurance regulator. FINRA's BrokerCheck tool is a free resource that allows you to research the background of registered financial professionals. Booher's permanent bar from the securities industry ensures he is no longer permitted to work with any FINRA-registered firm, protecting the investing public from further potential misconduct.

Violation :

Refused to produce information and documents requested by FINRA in investigation into fraudulent insurance claims, fraudulent expense reimbursements, and forging birthdates on applications

Tags :

Christopher J. Booher,
KS
CRD Number : 7645159

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