Ms. Choate allegedly falsified documents dozens of times in 2014 and 2015
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Shawna Lynn Choate (CRD#: 2432397) is a currently registered broker. Since January 2019, Ms. Choate has been a registered representative with Cambria Capital, based in Centennial, Colorado. On June 18, 2019, the FINRA Department of Enforcement filed a complaint against Ms. Choate alleging that she falsified forms that she later submitted to FINRA (Disciplinary Proceeding №2016051209103).
The complaint alleges that between 2014 and 2015 while she was registered with Spencer Edwards, Inc. (SEI), Ms. Choate was responsible for sending packets of information regarding customer acquisition of stocks to both FINRA and a clearing firm.
One form included in each packet was a “Deposited Securities Representation Form,” which required a signature at the end. Above the signature line was a block of text certifying that the undersigned had carefully reviewed the packet.
According to the complaint, Ms. Choate used a stamp to affix the signature of “DF,” the CEO of SEI at the time, to these forms despite knowing that DF had not reviewed the information in the packet, thereby falsifying those documents.
In Addition to the recent regulatory action, Ms. Choate’s BrokerCheck report lists two other disclosures: a FINRA investigation initiated in 2017, and bankruptcy. The Earlier FINRA investigation was pursued and has now become the complaint filed in June 2019. The bankruptcy, reported in 2011, was discharged.
Did you lose money investing with Shawna Choate or Spencer Edwards?
Under FINRA Rules, member firms are responsible for supervising the activity of their brokers, whose misconduct may open up the firm to liability. Sonn Law Group is interested in speaking with investors who may have lost money investing with a brokerage firm. Contact us today for a free consultation.