FINRA

Without admitting or denying the findings, Crossett consented to the sanctions and to the entry of findings that without his estranged wife's knowledge or consent, forged her signature on the application paperwork for a line of credit, presented the paperwork to a notary public, and falsely represented that his wife had signed it. The findings stated that the line of credit was approved, and Crossett then withdrew $50,000 from the line of credit and used the proceeds to fund his business. Crossett's estranged wife learned of the line of credit, when she received paperwork concerning it. She complained to the member firm that she had not consented to, and had no prior knowledge of, the line of credit. However, Crossett's estranged wife did not experience any losses resulting from the line of credit and she subsequently ratified Crossett's decision to open the line of credit.

Acceptance, Waiver & Consent(AWC)

Civil and Administrative Penalty(ies)/Fine(s)

$5,000.00

Suspension

All capacities

three months

2/3/2020

5/2/2020

Univest Investments, Inc.

Discharged

Representative signed his spouse's signature to a loan related document without her knowledge, consent or power of attorney to do so. Representative also engaged in an unapproved outside business activity.

I signed my wife's signature to a loan application and I had her consent. She became estranged and divorced.