For the purpose of proposing a settlement of rule violations alleged by the Financial Industry Regulatory Authority ("FINRA"), without admitting or denying the findings, prior to a regulatory hearing, and without an adjudication of any issue, Ross M. Chaisson submitted a Letter of Acceptance, Waiver and Consent ("AWC"), which FINRA accepted. In the Matter of Ross M. Chaisson, Respondent (AWC 2012031427001, December 5, 2012).
Chaisson was first registered in 2005 and during the times relevant to this AWC he was registered with State Farm VP Management Corp. until his February 2012 termination.
The AWC asserted that in 2008, a life insurance underwriter had denied an application for Chaisson's uncle because of abnormal blood tests. Allegedly, on November 11, 2011, Chaisson submitted a new life insurance application for his uncle, but the underwriter (citing the prior rejection ) required that the uncle submit to a telephonic medical history interview.
At a time when the uncle was in Singapore and apparently unable to participate in the requested telephonic interview, Chaisson telephoned the company conducting the interview from his own cellular telephone and impersonated his uncle. Thereafter, during questioning by State Farm, allegedly Chaisson initially lied and stated that his uncle had made the phone call and participated in the interview.
In accordance with the terms of the AWC, FINRA deemed Chaisson to have violated Rule 2010 and imposed upon him a $7,500 fine and a 30-business-day suspension from associating with any FINRA member firm in any capacity.