FINRA’s Department of Enforcement initiated an investigation into Lerman’s alleged misconduct. Specifically, FINRA’s investigation concerned allegations Lerman forged a customer’s signature on account opening documents for an individual retirement account. The Pennsylvania Insurance Commission for similar misconduct previously disciplined Lerman in 2012.
In connection with this investigation, FINRA sent Lerman a request to provide documents and information pursuant to FINRA Rule 8210. Lerman admitted the forgery in his written response to FINRA, but claimed that the customer authorized him to sign her name on the application. However, Lerman later changed his explanation while testifying before FINRA, and admitted that his previous response was inaccurate.
Based upon the foregoing alleged misconduct, FINRA asserted Lerman violated FINRA Rules 2010 and 8210. Specifically, FINRA Rule 8210 authorizes FINRA, in the course of its investigations, to require persons associated with a FINRA member to “provide information orally, in writing, or electronically . . . with respect to any matter involved in the investigation...”
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 damages with Lerman while he worked for Univest, you may be able to recover your losses through FINRA arbitration. Our firm only receives a fee if you recover money. Please contact one of our attorneys at (800) 627-2179 to schedule a free consultation.