Lee Generous Fined by FINRA Over Customer Signatures

Lee Generous (CRD #: 5765351), a previously registered broker with LPL Financial, is the subject of a regulatory action. This disclosure appears on his BrokerCheck record, accessed on February 16, 2024. Keep reading if you have questions regarding his conduct. 

FINRA Allegations Regarding Customer Signatures

On October 16, 2023, Lee Generous entered into an Acceptance, Waiver, and Consent agreement (AWC) with FINRA in order to settle allegations. He consented to the findings that he falsified customer and registered representative signatures. He allegedly electronically signed a total of 56 documents for customers, some of whom were seniors. These documents allegedly included new account applications, account transfer forms, and opt-in forms for electronic prospectuses. 

Lee Generous allegedly falsely attested on a compliance questionnaire that he had not signed or affixed another person’s signature on a document. 

FINRA Rule 4511

FINRA Rule 4511 requires firms to keep accurate and up-to-date books and records. Signing documents on behalf of customers violates this rule. 

High Standards of Commercial Honor 

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. 

Terms of the AWC 

As part of the terms of the AWC, Lee Generous consented to a three-month suspension and a $5,000 fine. 

You can read a copy of the AWC here. 

Background Information 

Lee Generous has passed the following exams:

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• Series 7TO General Securities Representative Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination 

Lee Generous has registered with the following firms: LPL Financial (CRD #: 6413) and Fidelity Brokerage Services (CRD #: 7784).

Kurta Law Can Help 

If you have worked with Lee Generous and you have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that 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. Do not let securities fraud go unchecked. Start your recovery process today.