← Broker database 2025-01-28
Devon Freeman Suspended 8 Months for Forging and Backdating Insurance Documents
According to FINRA, Devon Freeman has been fined $10,000 (deferred) and suspended from association with any FINRA member for eight months for forging and backdating variable insurance applications and other documents.
Freeman forged one customer's signature on a document cancelling a life insurance policy and forged another customer's signature nine times on a life insurance application. He also forged a third customer's signature three times on documents relating to variable insurance policies.
For a fourth customer, Freeman forged signatures eight times on a variable insurance application and backdated the document to create the false impression that the customer had applied when they were at an age qualifying for lower premiums.
None of the customers authorized Freeman to sign documents on their behalf or were aware of the forgeries or backdating. After the firm informed customers of the conduct, three chose to remain invested in their policies while one received a refund of premiums.
Freeman also exchanged securities-related text messages with customers using his personal cell phone without firm knowledge or permission, causing the firm to maintain incomplete records.
Forgery is a serious violation regardless of whether customers suffer financial harm. Investors should carefully review all documents before signing and verify the accuracy of dates and other information.