Mark Post Suspended by FINRA Following Forgery Allegations
Mark Post (CRD #: 6510445), a broker formerly registered with Waddell & Reed, has been suspended by FINRA, according to his BrokerCheck Record, accessed on February 10, 2022.
According to FINRA’s allegations, while associated with Waddell & Reed, Mark Post violated FINRA Rule 2010 by forging customer signatures on transaction documents without the customers’ authorization. The allegations further state Mark Post violated FINRA Rule 2010 by falsifying transaction documents.
FINRA Letter of Acceptance, Waiver, and Consent Agreement
Forgery Allegations
According to the findings, one customer completed and signed a fixed index annuity application, but it was returned because it needed corrections. Rather than returning the application to the customer to make the required changes, Mark Post allegedly made the change and forged the customer’s signature twice on the application without the customer’s authorization. He allegedly completed an IRA rollover request and forged the customer’s signature on the form without the customer’s authorization.
FINRA Rule 2010
Forgery and falsifying documents are inconsistent with just and equitable principles of trade and violate FINRA Rule 2010, which states that brokers must uphold high standards of commercial honor.
FINRA Rule 4511
FINRA requires firms to maintain accurate records. FINRA Rule 4511 states that firms “shall make and preserve books and records as required under the FINRA Rules, the Exchange Act and the applicable Exchange Act rules.”
Since certain documents allegedly forged and falsified by Mark Post were firm records, he allegedly violated FINRA Rules 4511 and 2010 by causing Waddell & Reed to maintain inaccurate books and records.
Sanctions
As part of the terms of the AWC, Mark Post consented to:
- A two-month suspension
- A $5,000 fine
You can read the full copy of the AWC here.
Resignation Details
On February 26, 2020, Mark Post voluntarily resigned from his position at Waddell & Reed after allegedly admitting to signing client names to documents.
Background Information
Mark Post 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 6 – Investment Company Products/Variable Contracts Representative Examination
Other than Waddell & Reed, he has not worked with any other firm.
Kurta Law Can Help
If you have been victimized by Mark Post, please get in touch with us today 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 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.