Broker barred for fake emails

A broker at a major U.S. wire house was barred by the Financial Industry Regulatory Authority for sending e-mails regarding mortgage and line of credit applications from a personal Hotmail account.

The e-mails were made to look as if they’d originated at a third-party law firm and were being forwarded by a paralegal.

The respondent in the case failed to cooperate with FINRA’s request for documents and FINRA alleged the broker’s actions constituted violation of its Rule 2010, which covers standards of commercial honour and principals of trade.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.