According to FINRA, Ronald Lewis Morse was fined $5,000 and suspended for 20 business days for creating an updated customer profile document that included inaccurate information about a senior customer and affixing the customer's signature without her permission.

The customer complained to Morse's member firm that information on her customer profile, including her investment objectives, risk tolerance, and liquid net worth, were inaccurate. Following communications with the customer, Morse created a revised customer profile document which contained some of the changes the customer requested but was inaccurate with respect to aspects of the customer's stated investment needs. After revising the customer profile document, Morse affixed the customer's signature without her permission.

By falsifying the customer's profile document and forging her signature, Morse caused his firm to maintain inaccurate books and records. Customer profile information is critical for determining suitability of investment recommendations. When profile information is inaccurate, it can result in unsuitable recommendations that don't align with the customer's actual objectives, risk tolerance, or financial situation.

The fact that this involved a senior customer who had complained about inaccuracies in her profile makes the violation more serious. Rather than working with the customer to ensure her profile accurately reflected her needs and obtaining her genuine signature on the corrected document, Morse created a document that was still partially inaccurate and forged her signature.

Investors should review their account profile information carefully to ensure it accurately reflects their investment objectives, risk tolerance, time horizon, and financial situation. If the information is inaccurate, insist that corrections be made and that you have the opportunity to review and sign updated documents. Never allow a broker to sign your name on profile documents or any other account paperwork.