Kris Michael Thoresen (CRD #1940175, Registered Representative, Ponte Vedra, Florida)
was fined $10,000 and suspended from association with any FINRA member in any capacity for one year.
Without admitting or denying FINRA's findings, Thoresen consented to the described sanctions and to the entry of findings that he was aware of his member firm’s supervisory guidelines requirements that its registered
representatives submit all VA transaction documents to the firm for review and principal approval prior to forwarding the documents to the product sponsor for processing.
Also FINRA's findings stated that Thoresen bypassed the firm’s supervisory guidelines by submitting VA
applications for several firm customers directly to the product sponsor without obtaining the firm’s approval as he was required to do.
The transactions had a total market value of over $1.2 million, and all of these transactions were processed at the product sponsor. FINRA stated that Thoresen submitted some of the transactions after the firm had rejected them. Thoresen did not notify the firm that he had submitted any of these transactions directly to the product sponsor.
The suspension is in effect from August 20, 2012, through August 19, 2013.
(FINRA Case #2011027184001)
The above information is from FINRA’s website listed under “Disciplinary and Other FINRA Actions, October, 2012.”
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