A broker allegedly impersonated six of his clients during 16 recorded telephone calls to the insurance firm Nationwide to request redemptions of funds, and things predictably went badly from there for him, according to a Financial Industry Regulatory Authority letter of acceptance, waiver and consent he signed Nov. 21.
Without admitting or denying the findings, Andrew Fairchild agreed to a two-month suspension from association with any FINRA member and a $7,500 fine. FINRA accepted the letter Thursday.
The case is very similar to a recent one in which an ex-Royal Alliance Associates broker allegedly impersonated one of his clients during two telephone calls with the customer service hotline of an annuity company. Ex-Royal rep Harold A. Schwartz wound up being “permitted to resign” from Advisor Group’s Royal Alliance wealth management firm, according to a Form U5 filed Feb. 22.
The incidents involving Fairchild happened while he was associated with Investacorp from August 2014 through December 2018, according to the FINRA letter. He was registered as a general securities representative at that firm and worked at a non-registered location in Parkland, Florida, the letter said.
A Form U5 filed by Investacorp disclosed that Fairchild was permitted to resign after it learned of the “representations” Fairchild made to Nationwide “in an effort to fulfill customer directed administrative requests,” according to the FINRA letter.