FINRA Bars US Brokerage Stockbroker In Forgery Investigation
Timothy Brent Hetrick of Boise Idaho a stockbroker formerly registered with US Brokerage Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that the stockbroker failed to cooperate with FINRA personnel during the period that he was under investigation for forging customers’ signatures on authorization forms and penny stock disclosures forms. Letter of Acceptance Waiver and Consent No. 2018057098801 (Apr. 7, 2020).
According to the AWC, Hetrick became the subject of a FINRA investigation that was focused on the stockbroker’s purported forgery of customer signatures on documentation to effect securities transactions. Hetrick was asked by FINRA on March 26, 2020 to provide recorded testimony in this respect. FINRA personnel received confirmation from Hetrick’s legal counsel that the stockbroker would not cooperate with its request. FINRA found Hetrick’s conduct to be violative of Rules 2010 and 8210.
FINRA Public Disclosure reveals that Hetrick is the subject of a customer initiated investment related arbitration claim in which the customer was awarded $35,000.00 in damages based upon Hetrick being found liable on the customer’s claims which included that Hetrick defrauded the customer on penny stock transactions during the period that he was registered with US Brokerage. According to the claim, transactions effected by the stockbroker were unauthorized and the customer’s funds had been converted. The claim also alleges breach of fiduciary duty and breach of contract as well as violation of Idaho Uniform Securities Act relating to the penny stock transactions effected in the customer’s account by Hetrick. FINRA Arbitration No. 17-03222 (Nov. 28, 2018).
Hetrick’s registration with US Brokerage has been terminated as of August 30, 2018.