According to a recent FINRA Disciplinary Actions announcement, Joseph Kennon Jayne (CRD #2359927, Needham, Massachusetts) submitted an AWC in which he was barred from association with any FINRA member in any capacity.
Without admitting or denying the findings, Jayne consented to the sanction and to the entry of findings that he signed a customer’s name, or had it signed, on firm documents for authorizing wire transfers of funds, authorizing the rollover of funds from other investment firms, and authorizing purchases of investments in non-traded REITs.
The findings stated that Jayne’s member firm’s WSPs forbade its representatives from signing documents on a client’s behalf under any circumstances. While the customer requested the wire transfers of funds and knew about the rollovers, the customer did not complete the documents and did not authorize Jayne to sign her name to the documents, several of which contained inaccurate information. Jayne affixed the customer’s signature to applications to purchase non-traded REITs without the customer’s authorization, knowledge or consent to submit such applications. In fact, the customer had never even discussed investing in non-traded REITs with Jayne. Jayne’s forgeries caused his firm’s books and records to be inaccurate.
For FINRA’s full findings, see FINRA Case #2013036416001.
According to his FINRA Broker Report, Jayne was registered with Ameriprise Financial from February 2009 through April 2014.
The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group.
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