Finra says it has suspended a former broker who allegedly made 30 phone calls impersonating his customers or his supervisor.
From March to May 2019, Michael Edward Feeley — who was then registered with Northwestern Mutual Investment Services — allegedly impersonated two customers of the firm’s investment affiliate on 10 telephone calls with another insurance company, posing as the customers to obtain information about their insurance contracts, according to a letter of acceptance, waiver and consent published by the industry’s self-regulator.
The policy information allegedly had been requested, presumably by the clients, according to the letter of acceptance. But the customers allegedly didn’t authorize Feeley to impersonate them, Finra says.
Moreover, during the same period, Feeley allegedly also impersonated his firm supervisor on 20 calls with the Carrier, according to the letter of acceptance. Feely allegedly did so when the supervisor was the only servicing representative of record with the unnamed insurance firm and Feeley urgently needed details about a customer’s policy, Finra says. The supervisor allegedly didn’t authorize Feeley to impersonate him, according to the letter of acceptance.
Feeley agreed to a 45-day suspension and to pay a $7,500 fine without admitting or denying the findings, Finra says.
Feely, who had first entered the securities industry in 2000 but left in 2004, re-entered the industry in 2014, registering with Northwestern Mutual, according to BrokerCheck.
In July 2019, the company permitted Feeley to resign while he was “under internal review for having, on multiple occasions, posed as clients during telephone calls made to another financial institution,” according to his BrokerCheck profile.
Do you have a news tip you’d like to share with FA-IQ? Email us at email@example.com.