The Financial Industry Regulatory Authority barred broker Teresa Jo Dorenkamp. In a settlement in which Dorenkamp consented to the findings, without admitting or denying the allegations, that while associated with Eagle One Investments, LLC, she converted over $390,000 of customer funds by forging customer and supervisor signatures, using a signature guarantee medallion without authorization and effected false customer account authorizations allowing for the funds to be deposited into her or her spouse's personal account.
FINRA OHO Disciplinary Proceeding #20110290024
Specifically, FINRA found that from 2008 through 2011, Dorenkamp forged customer signatures on at least 11 wire transfer authorization letters and took at least six customer checks to Eagle One's clearing agent and deposited the checks into her or her spouse's account, even though the checks were intended to be placed into her customers' accounts.
FINRA determined that Dorenkamp produced fraudulent authorization letters that allowed customer checks to be deposited into Dorenkamp or her spouse's accounts. This was found to have affected "dozens" of checks written by individual and corporate customers; in regards to the corporate customer, the fraudulent authorization letters allegedly affected multiple employer and employee contributions to 14 different IRA accounts.
The OHO also alleged that Dorenkamp siphoned money on seven occasions from a customer's fund account by improperly using the signature guarantee medallion stamp, resulting in a fraudulent authorization enabling Dorenkamp to link her personal bank account to the customer's account.
FINRA discovered that Dorenkamp spent some of these misappropriated and converted funds on miscellaneous personal expenses, such as cars, vacations and furniture.
Dorenkamp additionally failed to cooperate with FINRA's investigation and failed to appear for testimony, resulting in FINRA's request for a permanent bar.
If you have invested with Teresa Jo Dorenkamp or any broker or firm whom you suspect forged your signature or authorization, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.