J.P. Morgan Securities LLC and broker Viktoriia Strange-Vitkovska are currently under investigation by the investment fraud law firm Haselkorn & Thibaut following allegations of forgery and unauthorized purchase of a life insurance policy. The customer dispute, which was settled on January 29, 2024, raises concerns about potential financial advisor malpractice and highlights the importance of investor awareness and protection.
According to a Bloomberg article, the Financial Industry Regulatory Authority (FINRA) has been cracking down on fraudulent activities and misconduct by financial advisors. In 2021, FINRA ordered record financial penalties against Robinhood, demonstrating the organization’s commitment to protecting investors from bad advice and fraudulent practices.
Allegations of Forgery and Unauthorized Policy Purchase
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According to the disclosure details on Viktoriia Strange-Vitkovska‘s FINRA BrokerCheck report, the policy owner filed a complaint claiming that she did not sign the life insurance application, illustration, and labslip documents, and did not authorize the purchase of the term life insurance policy in September 2023. The policy owner executed an affidavit of forgery and requested to surrender the policy, with a damage amount of $117.60 requested and settled.
FINRA Rules and Investor Protection
The Financial Industry Regulatory Authority (FINRA) has strict rules in place to protect investors from fraudulent activities and ensure that financial advisors act in their clients’ best interests. FINRA Rule 2010 requires brokers to observe high standards of commercial honor and just and equitable principles of trade. Additionally, FINRA Rule 2020 prohibits brokers from effecting any transaction in, or inducing the purchase or sale of, any security by means of any manipulative, deceptive, or other fraudulent device or contrivance.
In this case, the allegations of forgery and unauthorized policy purchase, if proven true, would constitute a clear violation of FINRA rules and a breach of the trust that investors place in their financial advisors.
The Importance of Investor Awareness
This case underscores the significance of investor awareness and the need for individuals to remain vigilant when working with financial advisors. Investors should regularly review their account statements, question any unauthorized transactions, and promptly report any suspicious activities to their advisor’s compliance department or the appropriate regulatory authorities.
Recognizing Red Flags and Seeking Help
Some common red flags that may indicate financial advisor malpractice include:
- Unauthorized transactions or account activity
- Inconsistencies between verbal communications and written documentation
- Pressure to make quick investment decisions or sign documents without thorough review
If investors suspect that they have been the victim of financial advisor malpractice, they should consider seeking the assistance of an experienced investment fraud law firm like Haselkorn & Thibaut. With over 50 years of combined experience and a 98% success rate, the firm has helped countless investors recover their losses through FINRA arbitration.
Pursuing Recovery Through FINRA Arbitration
FINRA arbitration provides a forum for investors to resolve disputes with their financial advisors and brokerage firms. By filing a claim, investors can seek to recover damages resulting from unauthorized transactions, forgery, or other forms of misconduct. Haselkorn & Thibaut, with offices in Florida, New York, North Carolina, Arizona, and Texas, offers nationwide representation for investors in these cases.
Investors who believe they may have been affected by the alleged misconduct of Viktoriia Strange-Vitkovska or J.P. Morgan Securities LLC are encouraged to contact Haselkorn & Thibaut for a free consultation by calling their toll-free number at 1-888-885-7162 . The firm operates on a contingency basis, meaning clients pay no fees unless a recovery is secured.
As the investigation into this matter continues, it is crucial for investors to remain informed and proactive in protecting their financial interests. By working with experienced professionals and staying alert to potential red flags, investors can help safeguard their investments and hold accountable those who breach their trust.
