Securities Arbitration Lawyer Blog
FINRA has suspended and fined former LPL Financial LLC broker Joffre Salazar from the securities industry for one year. Mr. Salazar consented to the sanctions and to the entry of findings that he forged the signatures and initials of two customers on forms related to their purchases of fixed annuities. His suspension is scheduled to begin on September 7, 2021, and end on September 6, 2022. Mr. Salazar was fined $5,000.
If you have suffered investment losses with Joffre Salazar, or LPL Financial LLC, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms.
FINRA Letter of Acceptance, Waiver, and Consent No. 2019063019901
Joffre Salazar and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on August 25, 2021, after FINRA alleged that between approximately December 2017 and July 2018, while associated with LPL, Mr. Salazar forged the signatures and initials of two customers on forms related to their purchases of fixed annuities, which forms he then submitted for processing without the customers’ authorization. Mr. Salazar thereby violated FINRA Rule 2010.
FINRA indicated that the matter originated from its review of the amended Form U5 filed by LPL on June 17, 2019.
FINRA Rule 2010 requires associated persons to “observe high standards of commercial honor and just and equitable principles of trade” in the conduct of their business. Rule 2010 articulates a broad ethical principle that applies to business-related conduct. Forgery is a violation of FINRA Rule 2010.
In or around December 2017, at Mr. Salazar’s recommendation, a customer agreed to purchase a five-year fixed annuity and signed certain documents to effect that purchase. In or around January 2018, the annuity issuer rejected the application and requested that Mr. Salazar resubmit the documents. Instead of having the customer sign new documents, Mr. Salazar forged the customer’s signature six times on multiple documents for the purchase of a seven-year fixed annuity, even though the customer had not authorized the purchase of a seven-year annuity. Mr. Salazar then submitted the forged documents for processing, and the application was approved. The customer subsequently complained to LPL about the unauthorized purchase.
In or around July 2018, Mr. Salazar recommended that another customer purchase a five-year fixed annuity with a 3.15% interest rate. The customer agreed to do so and signed an application and related documents to effect that purchase. However, the interest rate on the five-year fixed annuity was actually 2.85%. Mr. Salazar then forged the customer’s initials on multiple documents for the purchase of a five-year fixed annuity at 2.85% and subsequently submitted the documents to the issuer of the annuity, which approved the application. The customer subsequently complained to LPL about the unauthorized purchase.
Accordingly, Mr. Salazar violated FINRA Rule 2010.
Joffre Salazar (CRD#: 2185914)
Mr. Joffre Salazar first became registered with FINRA in 1991. In April 2016, Mr. Salazar became registered with FINRA as a General Securities Representative through an association with LPL Financial LLC. Mr. Salazar was registered in that capacity through LPL until April 16, 2019, when LPL filed a Uniform Termination Notice for Securities Industry Registration (Form U5) reporting that he had voluntarily resigned from the firm. On June 17, 2019, LPL filed an amended Form U5 disclosing that the firm had initiated an internal review concerning Mr. Salazar’s “involvement in processing [an] annuity application without customer authorization.”
Mr. Salazar was registered with FINRA as a General Securities Representative through an association with American Portfolios Financial Services, Inc. from April 2019 until October 1, 2019, when the firm filed a Form U5 disclosing that it had terminated Mr. Salazar’s registration due to “inconsistencies in client documents.”
How to Recover Losses or Obtain a Free Consultation
If you have suffered investment losses with Joffre Salazar, or LPL Financial LLC, contact New York securities arbitration lawyer Jorge Altamirano of Iorio Altamirano LLP at jorge@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.