An irreverent Wall Street Blog
by Bill Singer

Broker Impersonates Sales Assistant And FINRA Not Amused

June 30, 2014

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, Marcy B. Pinnell submitted a Letter of Acceptance, Waiver and Consent ("AWC"), which FINRA accepted. In the Matter of Marcy B. Pinnell, Respondent (AWC 2013037757701, June 16, 2014).

Between October 2000 and August 27, 2013, Pinnell was registered with Edward Jones. The AWC asserts that she had no prior relevant disciplinary history.

D.K.

Oddly enought (and somewhat ironically), this tale involves an individual referenced in the AWC as "D.K.," which in the parlance of Wall Street are the same initials used to indicate "Don't Know" about the status of an order that typically gets rejected or isn't completed. In terms of the FINRA AWC under consideration in today's BrokeAndBroker Blog, there's quite about of DK about "D.K.," who is only identifed as a life insurance and registered representative at another company other than Respondent Pinnell's Edward Jones. 

Sometime around June 26, 2013, two customers sought advice from Pinnel about fixed annuities, which they had purchased  through "D.K." In a bit of misguided customer service, on June 26th, Pinnell contacted D.K's life insurance company and pretended to be D.K.'s assistant, who was attempting to obtain confidential policyholder information about the two customers.

D.K. DKs

Alas, the best laid plans of mice and men . . . before releasing the customers' confidential information, the life insurance company asked Pinnell to verify D.K.'s agent number. 

Unfortuantely, Pinnel provided that individual's social security number, which she got from paperwork provided to her by the customers. Oddly, despite having given the wrong number, Pinnell was still provided with the information she was seeking. 

D(ischarged)

According to online FINRA documents as of June 30, 2014, Edward Jones "Discharged" Pinnell on August 12, 2013, based upon allegations that:

MS. PINNELL WAS TERMINATED FOR IMPERSONATING OVER THE PHONE AN EMPLOYEE OF AN INSURANCE COMPANY TO OBTAIN INFORMATION ON TWO (2) ANNUITY CONTRACTS. THE OWNERS OF THE ANNUITIES WERE A HUSBAND AND WIFE WHO HAD AGREED TO OPEN ACCOUNTS WITH MS. PINNELL AT EDWARD JONES. MS PINNELL WAS NOT THE FINANCIAL ADVISOR OF RECORD FOR EITHER ANNUITY.

FINRA deemed Pinnell's conduct to be in violation of FINRA Rule 2010, and in accordance with the terms of the AWC, FINRA imposed upon Pinnell a $5,000 fine and a 10-business-day suspension from association with any FINRA member firm in all capacities.

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