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Forged client signitures a problem?

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Jan 23, 2009 4:34 am

I have become aware of a major securities firm / insurance company forging a ‘delivery and acceptance receipt’ or acknowledgement form mis representing that said company had done something for the client that they hadn’t. Is that illegal?

  Does anybody know what kind of trouble they could get into? I'm wondering if this falls into the SEC's jurisdiction, or is it a state matter? Is this civil or criminal fraud? If this practice was related to complying with instructions from senior regional managers does it rise to become a RICO offense? Doesn't seem to rise to a 10b-5 offense, or does it?   Since the client is only out what they paid for this service -- a few hundred bucks -- can the company 'offer to settle' the whole affair to make it go away, or does the distinction between civil andcriminal fraud come into play? And can a complaint agree to waive what would be a  criminal proceeding? How about civil fraud?   Also appears to just be plain old commercial fraud? Client could tie up this company in legal problems for years I presume? And if the company pays client to just go away, isn't that considered bribary? Any ideas?   The company in question is not a place most of the people on this board would ever want to work for, if that amount to anything.
Jan 23, 2009 11:57 am

At the very least it would be a FINRA issue since they are a securities firm.  As far as the scope of the whole thing - no idea.  Was this just a RR forging a client signature, or is this a firm wide problem?  But yeah, forging is a huge deal to FINRA.

Jan 26, 2009 3:36 pm

what would be considered proof in a matter like this?

  I maybe aware of something to this type of instance as well.
Jan 26, 2009 4:53 pm