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Conversion or Improper Use of Funds or Securities
FINRA Rules 2010 and 21501
| Principal Considerations in Determining Sanctions | Monetary Sanction | Suspension, Bar or Other Sanctions |
| See Principal Considerations in Introductory Section |
Conversion2 (No fine recommended, since a bar is standard.) Improper Use Fine of $2,500 to $73,000. |
Conversion Bar the respondent regardless of amount converted. Improper Use Consider a bar. Where the improper use resulted from the respondent's misunderstanding of his or her customer's intended use of the funds or securities, or other mitigation exists, consider suspending the respondent in any or all capacities for a period of six months to two years and thereafter until the respondent pays restitution. |
1. This guideline also is appropriate for violations of MSRB Rule G-25.
2. Conversion generally is an intentional and unauthorized taking of and/or exercise of ownership over property by one who neither owns the property nor is entitled to possess it.
Forgery, Unauthorized Use of Signatures or Falsification of Records
FINRA Rule 2010
| Principal Considerations in Determining Sanctions | Monetary Sanction | Suspension, Bar or Other Sanctions |
|
See Principal Considerations in Introductory Section
1. Nature of the document(s) signed or falsified.
2. Whether the respondent had a good-faith, but mistaken, belief of express or implied authority.
3. Whether the customer possessed or saw the document before the customer's signature was affixed to it, and the customer affirmed the signature.
4. If the document pertained to a transaction, whether the transaction was agreed to by an authorized person.
5. Whether the customer re-signed the document or ratified the signature.
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For signatures or falsifications involving a transaction, if the transaction is authorized, in the absence of other violations or customer harm: fine of $5,000 to $10,000.1 Where a respondent affixes a signature to or falsifies a document without authorization, in the absence of other violations or customer harm: fine of $5,000 to $146,000. |
For signatures or falsifications involving a transaction, if the transaction is authorized, in the absence of other violations or customer harm: consider suspending the respondent for period of 10 business days to six months.2 Where a respondent affixes a signature to or falsifies a document without authorization or ratification, in the absence of other violations or customer harm: consider suspending the respondent for a period of two months to two years. Where a respondent affixes a signature to or falsifies a document without authorization, in furtherance of another violation, resulting in customer harm or accompanied by significant aggravating factors: a bar is standard. |
1. Where the respondent falsifies a document to assist a customer's or third party's wrongdoing, this lower tier would not apply.
2. Where the respondent falsifies a document to assist a customer's or third party's wrongdoing, this lower tier would not apply.