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November 7, 2011

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A Paperwork Shortcut Nearly
Short-Circuits a Young Broker's Career

Maybe it doesn't happen to every stockbroker but, if not, it's certainly something that's crossed a lot of folks' minds.  It's one of those who's gonna know temptations that often dangle before a busy producer and entices him or her to step over the line.  Here's how it sets up in Bill Singer's "Street Legal" column at Registered Rep. magazine this month:

Faced with looking like a jerk in front of a busy customer and fearing he would lose a promised interest rate, Medina opted for a shortcut - he placed a photocopy of the client's genuine signature onto the application, without her knowledge or consent. Thereafter, Medina submitted the altered document to PNC.

In December 2008, Medina's branch manager discovered the client's photocopied signature. Medina was promptly confronted with the discrepancy and he readily admitted his misconduct - and immediately submitted his resignation.

READ the full story at: A Paperwork Shortcut Nearly Short-Circuits a Young Broker's Career

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