Merrill Lynch Stockbroker Sanctioned For Altering Documents
Cynthia Ann Perry of Salisbury Maryland a stockbroker formerly associated with Merrill Lynch has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that she altered signed Merrill Lynch customer documents to create accounts and effect transactions. Letter of Acceptance Waiver and Consent No. 2019062784701 (July 6, 2020).
According to the AWC, from November of 2018 and March of 2019, at least ten account forms signed by customers had been altered by Perry. Merrill Lynch’s policy during this period was that stockbrokers were disallowed from altering any customer documents. There were no changes permitted once customers had signed documents. Perry knew about these policies at the same time that he was altering documents relating to four customers. Perry’s actions affected cash disbursement amounts and customer account creations.
FINRA also indicated that a blank but signed annuity surrender form provided to Perry was later completed by him and processed. These forms were utilized by Merrill Lynch in the establishment of customer accounts and movement of cash. FINRA determined that Perry’s altering of customer documents constituted the violation of FINRA Rules 2010 and 4511.
Perry was terminated by Merrill Lynch on May 30, 2019 following the securities broker dealer’s investigation.