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I am a Financial Advisor. If a company knowingly used my name…

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I am a Financial Advisor...
I am a Financial Advisor. If a company knowingly used my name in the signature portion of a letter after I left their employ, is that a violation of SEC or FINRA regulations?
Submitted: 8 years ago.Category: Legal
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Answered in 2 minutes by:
6/22/2010
Lawyer: Law Pro, Attorney replied 8 years ago
Law Pro
Law Pro, Attorney
Category: Legal
Satisfied Customers: 24,870
Experience: 20 years legal practitioner: real estate, collections, estate, civil, business, and criminal law
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Please explain with a little more informatioin waht occured. Thanks!
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Customer reply replied 8 years ago

3 days after I resigned from the previous firm, they issued a letter with my name in the signature portion of the letter. The letter stated that as the branch manager, which I was not, I was recommending that another individual had been asked to take my place as their financial advisor.

Lawyer: Law Pro, Attorney replied 8 years ago
That's fraud - intentional misrepresentation on their part.

You can actually sue them for fraud although the damages would be strictly punitive and wrongful use of your name without your permission.



To sustain a claim of fraud - each of the nine elements of fraud: (1) a representation; (2) falsity of the representation; (3) materiality of the representation; (4) speaker’s knowledge of the falsity of the representation; (5) the speaker’s intent it should be relied upon; (6) the hearer’s ignorance of the falsity of the representation; (7) the hearer’s reliance on the representation; (8) the hearer’s right to rely on the representation; and (9) the hearer’s consequent and proximate injury caused by reliance on the representation.

Too, the use of your name without approval would be a violation of the SEC and FINRA.

IM-2310-2. Fair Dealing with Customers

(a)(1) Implicit in all member and registered representative relationships with customers and others is the fundamental responsibility for fair dealing. Sales efforts must therefore be undertaken only on a basis that can be judged as being within the ethical standards of the Association's Rules, with particular emphasis on the requirement to deal fairly with the public.


Absolutely they are in violation!!








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