← Broker database 2023-08-03
Bradley Thomas Wastler Suspended 10 Months for Forging Customer Signatures
According to FINRA, Bradley Thomas Wastler was assessed a deferred fine of $7,500 and suspended from association with any FINRA member in all capacities for 10 months on August 3, 2023. The suspension was in effect from August 7, 2023, through June 6, 2024.
FINRA found that Wastler forged or falsified customer and registered representative electronic signatures on account documents. At least nine of the customers' names were signed without their permission. Wastler also electronically signed the name of another representative, his business partner, on account documents, at least some of which were without the representative's permission. None of the customers complained.
In addition, Wastler falsely attested in a compliance questionnaire that he had not signed or affixed another person's signature on a document. FINRA also found that by forging and falsifying customer and registered representative signatures, Wastler caused his member firm to maintain inaccurate books and records.
Forging customer signatures on account documents is a serious violation that undermines the integrity of the account opening and maintenance process. Account documents require customer signatures to confirm that the customer has reviewed and agreed to the information in the documents. When signatures are forged, there is no assurance that customers actually authorized the account activities or agreed to the representations made on their behalf.
The fact that at least nine customers had their names signed without permission demonstrates a pattern of misconduct. Even though none of the customers complained, the forgery of signatures creates risks for investors and violates fundamental principles of customer protection. Customers have the right to review and approve documents before they are submitted, and brokers have an obligation to obtain genuine signatures.
Wastler's conduct was aggravated by his false attestation in a compliance questionnaire that he had not signed another person's signature on a document. This false statement demonstrates a lack of candor and an attempt to conceal his misconduct from his firm. Compliance questionnaires are important tools that firms use to monitor their representatives' compliance with securities laws and firm policies. When representatives provide false answers, they undermine the effectiveness of the firm's compliance program.
The forgery of another registered representative's signature also raises concerns. Registered representatives are responsible for the activities conducted under their names, and forging their signatures can create confusion about who was actually responsible for account activities.
By causing the firm to maintain inaccurate books and records, Wastler undermined regulatory oversight and investor protection. Accurate books and records are fundamental to the securities industry and enable effective regulatory examinations and customer dispute resolution.
Investors should review all documents before signing and keep copies for their records. If they discover signatures they do not remember providing, they should immediately contact their firm and regulatory authorities.