FINRA Fined and Suspended Yonkers Broker Over Email Request to Transfer Money by Imposter

The Soreide Law Group, (888) 760-6552, has obtained the following summation of information from FINRA’s website under “Disciplinary and Other FINRA Actions, January, 2014.”

Ralph Joseph Mangini (CRD #1597490, Registered Representative, Yonkers, New York)

was fined $10,000 and suspended from association with any FINRA member in any capacity for two months. Mangini consented to the described sanctions and to the entry of findings that someone posing as a Mangini’s client sent Mangini a series of emails requesting the transfer of $9,000 from their firm account to a third-party bank account.

FINRA's findings stated that Mangini completed the cash distribution form, forged the customer’s signature on the cash distribution form, and faxed it to the firm’s wire transfer department to process the wire transfer without the customer's authorization. The $9,000 wire transfer was returned to the customer’s account because the name on the form did not match the name of the account. After contacting the actual customer, Mangini was informed she never made the wire transfer and someone had hacked into her account.

Mangini's firm canceled the sale of the mutual fund and returned the shares to the customer’s account without any fees and the customer’s account did not suffer any losses. Mangini's firm prohibits employees from accepting orders or transaction requests without verbally confirming the transaction with the customer, prohibits its employees from engaging in unauthorized transactions and exercising discretion in any customer’s account without the customer’s written authorization and the firm’s approval, and prohibits its employees from mismarking order tickets and forging a customer’s signature on any document.
The suspension is in effect from November 18, 2013, through January 17, 2014. (FINRA Case #2012031886601)

Ralph J Mangini was previously registered with the following FINRA firm(s):

AMERIPRISE FINANCIAL SERVICES, INC. (CRD# 6363) - YONKERS, NY
02/1987 - 03/2012

IDS LIFE INSURANCE COMPANY (CRD# 6321) - MINNEAPOLIS, MN
02/2001 - 07/2006

This ends the summation of information from FINRA’s website.

The Soreide Law Group represents clients nationwide in arbitrations before FINRA. For a free consultation on how to potentially recover your investment losses call: 888-760-6552.