Regulators Suspend Thrivent Broker Robert William Ward

Robert William Ward (CRD#: 4324025, Eagan, Minnesota) has been a registered representative of Thrivent Investment Management, Inc. since May 19, 2015. The Financial Industry Regulatory Authority (“FINRA”) has suspended Ward in all capacities from associating with FINRA broker-dealers, and fined him $7,500.00 according to a Letter of Acceptance, Waiver and Consent (the “AWC”) executed on April 27, 2017. Ward implemented improper signature practices and made untimely regulatory disclosures.

FINRA Fines And Suspends Robert William Ward For Violating Signature Policy

The findings show that from June 2010 to April 2015, Ward permitted his brokers to have customers sign incomplete or blank forms so that investment transactions could be effectuated. The improper signature practices affected customers’ asset transfer requests, new account agreements and annuity applications. Thrivent Investment Management had supervisory procedures that prohibited brokers from re-using or photocopying customer signatures on account documents. The written supervisory procedures also prohibited brokers from having Thrivent customers sign forms that were only partially completed or blank. Indeed, Ward knew about Thrivent’s procedures because he was previously admonished for violating them.
The AWC’s findings showed that Ward personally violated the firm’s policies and also had other brokers participate in the wrongful conduct. Either Ward would complete the forms instead of customers, or he would direct other brokers to complete those forms. Ward then had those forms submitted to Thrivent to establish customer accounts and process financial transactions. As a result, FINRA stated that Ward violated FINRA Rule 2010. FINRA also stated that Ward caused Thrivent to carry inaccuracies on its books and records in reference to the account documents. Consequently,  Ward caused Thrivent to violate Rule 17a of the Securities Exchange Act of 1934. Therefore, FINRA stated that Ward violated NASD Rule 3110(a).

Minnesota and Florida Regulators Sanction Robert William Ward

More regulators have come forward and sanctioned Ward for his transgressions. For instance, Minnesota Commerce Department issued a Consent Order #38057 on February 2, 2016. The Order suspended Ward for six months and required him to pay a $5,000.00 civil penalty for having customers sign blank documents. And Florida Department of Financial Services issued Ward a Stipulation and Consent Order #215303-17-AG on March 27, 2018. The Department suspended Ward’s insurance license for two years because he failed to report an administrative action against him.
Moreover, Thrivent Investment Management customers have disputed Ward’s sales practices. The customers brought a complaint on August 28, 2009 alleging unsuitability. They claimed that Ward failed to appropriately allocate their mutual fund and stock holdings. As a result, Ward failed to place the customers in investments that supported their investment horizons. Thrivent Investment Management denied the customers’ complaint on October 6, 2009.
Ward no longer works for Thrivent Investment Management. The company discharged him on May 8, 2015 for engaging in the unauthorized alterations of customers’ account documents and re-use of customers’ signatures.

If you have suffered losses by investing with Robert William Ward, call (888) 760-6552 for a free consultation with Soreide Law Group’s experienced counsel. Our firm has recovered millions of dollars for investors who have been victim to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and advance all costs.