Paul Edwards Suspended by FINRA Following Forgery Allegations

Paul Edwards (CRD #: 5967107), a broker formerly registered with NYLIFE Securities, has been suspended by FINRA, according to his BrokerCheck record, accessed on January 15, 2025. Keep reading to learn more about his conduct as a broker.
FINRA Suspension
On December 9, 2024, Paul Edwards consented to the entry of findings that he allegedly forged two clients’ signatures by electronically signing them and also falsified seven documents by altering them after signing.
According to a Letter of Acceptance, Waiver & Consent (AWC), Paul Edwards allegedly electronically signed two clients’ names on an insurance application in September 2022 without their permission. He allegedly did not submit the form to the insurance company or his firm, NYLIFE Securities.
From December 2022 to February 2023, Paul Edwards allegedly asked six additional clients to sign seven blank forms that he would later complete and submit to his firm. The clients allegedly authorized the transactions associated with these documents, which included automatic investment authorization forms, one-time distribution request forms, and an asset movement authorization form.
Further, five of the forms were allegedly required books and records of NYLIFE Securities.
The AWC concluded that these allegations constitute violations of FINRA Rules 4511 and 2010.
FINRA Rule 4511
FINRA Rule 4511 requires firms to keep accurate and up-to-date books and records.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Sanctions
Paul Edwards consented to the following sanctions:
- Two-month suspension from associating with FINRA members
- $5,000 fine
His suspension began on December 16, 2024, and will end on February 15, 2025. You can access the full AWC here.
Resignation from NYLIFE Securities
On May 31, 2023, Paul Edwards was permitted to resign from NYLIFE Securities following alleged concerns about his business practices.
Investor Dispute
On May 18, 2017, multiple investors filed a dispute alleging that Paul Edwards purchased two fixed annuities in December 2016 that were not in their best interest. The clients also alleged that one of these annuities was purchased using the proceeds from a securities account. This dispute was settled for $615,648.53.
Regulation Best Interest
Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put clients’ best interests first. For example, firms must conduct due diligence in researching and recommending investments, as well as disclose any conflicts of interest they may have in these transactions.
Background Information
Paul Edwards has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
He previously worked for NYLIFE Securities (CRD#:5167) and Edward Jones (CRD#:250).
Kurta Law Can Help
If you worked with Paul Edwards and you have concerns about your investments, please contact 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.