← Broker database 2021-12-27
Kyle Zachary Wittgren Barred for Refusing to Testify About Forgeries and Policy Violations
According to FINRA, Kyle Zachary Wittgren was barred from association with any FINRA member in all capacities for refusing to provide on-the-record testimony to FINRA in connection with its investigation following his resignation from his member firm.
Wittgren was found in violation of FINRA's rule requiring cooperation with regulatory investigations. The investigation began after FINRA received a Form U5 filed by Wittgren's member firm. The Form U5 disclosed that the firm had permitted Wittgren to resign after he admitted to serious misconduct, including signing clients' names without their knowledge or consent, submitting unfunded variable annuity rollover applications, and altering client email addresses in violation of company policy.
These allegations describe multiple types of serious misconduct. First, signing clients' names without authorization constitutes forgery and falsification of documents, which undermines the integrity of customer records and can facilitate unauthorized transactions. Second, submitting unfunded variable annuity rollover applications suggests potential fraud, as it implies that Wittgren submitted applications for annuity transactions without customers having provided the necessary funds. This conduct could have been intended to generate commissions for Wittgren or to create the appearance of sales activity. Third, altering client email addresses raises concerns about potential misappropriation of customer communications, which could have been done to intercept customer correspondence and hide misconduct from customers or the firm.
FINRA requested that Wittgren appear for on-the-record testimony to investigate these serious allegations and determine the full scope of his misconduct. However, Wittgren refused to provide testimony, preventing FINRA from questioning him under oath about the forgeries, unfunded applications, and altered email addresses. His refusal obstructed FINRA's investigation into conduct that likely harmed customers and violated multiple securities rules.
The allegations disclosed in the Form U5, combined with Wittgren's refusal to testify, suggest a pattern of dishonest conduct. By refusing to cooperate, Wittgren prevented FINRA from determining how many customers were affected and whether criminal conduct occurred. The bar protects investors by permanently removing from the industry someone who engaged in forgery and fraud and then refused to answer questions about his misconduct.