The Financial Industry Regulatory Authority (FINRA) has fined and suspended a former LPL Financial representative for falsifying signatures and making trades without permission from LPL or its customers.

According to a Letter of Acceptance, Waiver, and Consent (AWC), Patrick Keith Sloan electronically signed seven documents on a client's behalf. Sloan also signed documents on behalf of five clients, two of whom were elderly. Additionally, Sloan falsely attested in a compliance questionnaire that he had not signed or affixed another person's signature on a document.

According to FINRA, Sloan exercised discretion in approximately 70 trades without prior written authorization from the customer or approval from LPL. Even though the trades were made pursuant to the investment strategy agreed to by the customers, Sloan did not receive written authorization before exercising discretion, according to news sources. 

Sloan has agreed to a three-month suspension from associating with any FINRA member in all capacities and a $10,000 fine.

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