Broker Investigation: Francis Acosta

broker investigation francis acostaFrancis Acosta is a formerly associated person of Transamerica Financial Advisors, Inc. (CRD#: 16164). On May 31st, 2018, the Financial Industry Regulatory Authority (FINRA) issued sanctions against Ms. Acosta (Disciplinary Proceeding No. 2015048332401) related to allegations of misconduct, including forgery and impersonation of a client on a telephone call.

Without admitting or denying any wrongdoing, Francis Acosta consented to the penalties proposed by FINRA, which includes a permanent bar from the securities industry. Here, our securities fraud lawyers provide an overview of the investigation.

FINRA Sanctions: Francis Acosta of Transamerica Financial Advisors

According to FINRA, Ms. Acosta admitted to instructing another person to impersonate a customer on the telephone (on at least five different occasions) and forging the customer’s signature on account documents. The name was forged at least four different times. This conduct is a direct violation of FINRA Rule 2010, which requires all persons associated with registered brokerage firms to uphold high standards of commercial honor.

Notably, FINRA noted that Ms. Acosta also initially provided false information to the agency, denying that she committed the misconduct. It was only later that she changed her testimony and admitted to the impersonation and forgeries. Francis Acosta has now been barred from the securities industry.

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