Andy Durham Suspended by FINRA For Alleged Forgery
Andy Durham (CRD #: 6541868), a broker formerly registered with Allstate Financial Services, has been suspended by FINRA, according to his BrokerCheck Record, accessed on December 20, 2021.
According to FINRA’s allegations, in February 2019, while associated with Allstate Financial, Andy Durham violated FINRA Rule 2010 by forging a customer’s signature on a life insurance application submitted to the firm’s insurance affiliate.
Allegations of Forgery
This matter originated from Form U5 filed by Allstate Financial on January 21, 2021. According to the findings, in February 2019, Andy Durham completed and applied for a life insurance policy issued by Allstate Financial’s insurance affiliate, with a face value of $50,000, for a customer.
Andy Durham put in his personal bank account information for premium payments but falsely indicated that the bank account belonged to the customer. He then created a fake email address for the customer and forged the customer’s electronic signature on the policy application. After he electronically submitted the application, Allstate Financial’s insurance affiliate approved the customer’s policy in February 2019. The findings further state that he never had the customer’s permission or authority to sign the policy application on the customer’s behalf.
Andy Durham allegedly started paying the monthly premiums on the customer’s policy in February 2019 but stopped paying the monthly premiums in April 2020, at which point the policy lapsed.
FINRA Rule 2010
Forgery is the illegal act of making, altering, or using false writing to commit fraud. It can take many forms, including changing dates, forging signatures, or making false statements on legal contracts. This unethical conduct violates FINRA Rule 2010, which states that brokers must uphold high standards of commercial honor.
You can read the full copy of the AWC here.
Sanctions
As part of the terms of the AWC, Andy Durham consented to:
- A four-month suspension
- A $5,000 fine
Bankruptcy
On July 23, 2012, Andy Durham filed for bankruptcy.
Background Information
Andy Durham has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
Other than Allstate Financial Services, he has not worked with any other firm.
Kurta Law Can Help
If you have been victimized by Andy Durham, please get in touch with us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.