FINRA suspended Dean Michael Yurica, formerly of Sacramento's LPL Financial office, for falsifying over 100 customer account documents in contravention of firm procedures. FINRA also fined Yurica $25,000 for the violations.
According to the findings, Yurica falsified 129 documents related to 70 customer accounts using multiple methods, including using pre-signed forms that were otherwise blank and re-using photocopies of signature pages of forms previously signed by his customers. The report states that in some instances, Yurica also altered the dates of the customer signatures for later transactions.
Regulators concluded that Yurica submitted the falsified forms as authentic to LPL and that he falsified the following types of documents:
> Account applications for advisory non-retirement accounts;
> Account applications for non-retirement accounts;
> New account application and agreement forms;
> Certification of trust forms;
> Change of broker-dealer and/or registered representative forms;
> Customer account transfer forms;
> Investment switch and exchange disclosure forms;
> Journal request forms, including contribution instructions and forms related to non-retirement accounts;
> Move money-wired funds forms;
> Premier check-writing applications;
> Prospectus receipt forms.
Regulators found that Yurica also made false representations on annual compliance questionnaires by improperly answering no to the question, "have you obtained a client signature on a blank or incomplete document?"
Shortly after discovery of the misconduct, LPL Financial discharged Yurica, stating that "this conduct violated company policy, and was not properly disclosed in annual compliance questionnaires."
If you have invested with former LPL Financial broker Dean Michael Yurica or with any broker or financial adviser whose improper use or reuse of your signature on blank or photocopied firm or industry forms such as those listed above has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.