FINRA’s Department of Enforcement investigated White’s alleged misconduct and determined he wrote 43 fictitious non-variable life insurance policies in order to meet production goals. According to FINRA, White fabricated customer information on the policy applications and listed himself as the policy owner, payor and grandfather to the insured for each of the 43 policies. FINRA alleged White paid the first premium for each of the 43 policies by personal check and received commission payments for each policy, and then cancelled the policies and was refunded the premium payments.
Based upon the foregoing alleged misconduct, FINRA contended White violated FINRA Rule 2010. FINRA Rule 2010 requires that member firms and associated persons “observe high standards of commercial honor and just and equitable principles of trade.”
Lufrano Law, LLC is a national securities litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. If you suffered investment losses and damages investing with White through Country Capital, you may be able to recover your losses through FINRA arbitration. Please contact us for a free, no-commitment initial consultation or contact one of our attorneys at (800) 627-2179 to schedule a free consultation.