New Hampshire Broker Fined and Suspended by FINRA for Falsifying Signatures to Insurance Company

The following summation was obtained on FINRA’s website under “Disciplinary and Other FINRA Actions, December, 2013.”

Michael J. Davey (CRD #4905761, Registered Principal, Nashua, New Hampshire)

fined $5,000 and suspended from association with any FINRA member in any capacity for three months. Without admitting or denying the findings, Davey consented to the described sanctions and to the entry of findings that he falsified a form by photocopying the signature from another document and taping it to the form that authorized an insurance company to withdraw money each month from the bank account of Davey’s client, to pay the premium on a life insurance policy that Davey recommended to the customer.

FINRA's findings also stated that Davey signed another customer’s name to an illustration of an insurance policy that he had recommended to the client. Davey submitted the form to an insurance company. Neither customer authorized Davey to affix their signatures to forms, or consented to his acts.

Michael J. Davey's suspension is in effect from November 4, 2013, through February 3, 2014.
(FINRA Case #2011029936801)

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

Call for a free consultation with an attorney on how to potentially recover your investment losses due to your broker/financial advisor's recommendations at: 888-760-6552. Soreide Law Group represents clients nationwide in arbitrations before FINRA.