Soreide Law Group, a Securities Arbitration Law Firm, (888) 760-6552, obtained the following information on FINRA’s website under “Disciplinary and Other FINRA Actions, June, 2013.”
Matthew Gordon Kartchner (CRD #4912771, Registered Representative, Taylorsville, Utah)
was fined $10,000 and suspended from association with any FINRA member in any capacity for two years. Without admitting or denying the findings, Kartchner consented to the described sanctions and to the entry of findings that he created new fictitious property and casualty insurance policies in order to collect bonus incentives worth approximately $56,000.
FINRA's findings stated that to create the fictitious policies, Kartchner used personal information he obtained from individuals who had requested an insurance quote but who ultimately did not purchase a policy. Kartchner used fictitious and/or incorrect addresses, so the policies were never delivered to the alleged policy holders. The insurance affiliate detected the false policies before paying Kartchner the incentive-performance bonuses.
Also, FINRA's findings stated that Kartchner submitted an Electronic Funds Transfer Authorization Form to his member firm’s insurance affiliate for an insurance customer. Kartchner signed the customer’s name on the form, which enabled him to electronically transfer funds to pay for the customer’s required monthly insurance premium and membership dues, without the customer’s consent to sign on her behalf.
The suspension is in effect from May 6, 2013, through May 5, 2015.
(FINRA Case #2012031338701)
According to FINRA's BrokerCheck, this broker was previously registered with FINRA at the following brokerage firms:
FBL MARKETING SERVICES, LLC
CRD# 5309
TAYLORSVILLE, UT
07/2008 - 02/2012
FARMERS FINANCIAL SOLUTIONS, LLC
CRD# 103863
TAYLORSVILLE, UT
02/2005 - 12/2007
This ends the information obtained on FINRA’s website.
If you've experienced investment losses due to your stock broker/financial advisor’s recommendations, call Soreide Law Group for a free consultation with an attorney on how to potentially recover your losses: 888-760-6552.
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