Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor Robert Nordaune (CRD # 2313216) was recently suspended from the securities industry by FINRA’s Department of Enforcement. The sanction occurred as a result of an investigation into the forgery of a client’s signature and the transfer of a variable annuity without the client’s knowledge. The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Nordaune.
Registration Background for Robert Nordaune
Mr. Nordaune first became registered in the securities industry in 1993 with Montevideo, MN based Thrivent Investment Management, Inc. (CRD # 18387). He had been registered with Thrivent up until the time of his suspension in December 2019.
FINRA’s Allegations against Robert Nordaune
FINRA’s investigation led to Mr. Nordaune entering into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA on May 8, 2020. According to the AWC, Mr. Nordaune consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “In May 2019, [Mr. Nordaune] met with a recently-widowed woman to fill out paperwork to transfer ownership of a variable annuity that her husband had purchased from [Thrivent’s] parent company”;
- “[Mr.] Nordaune filled out a membership application for the woman, signed her name, and submitted the application, all without her permission or knowledge”;
- “[Mr.] Nordaune did so even though, as he knew, [Thrivent] prohibited associated persons from signing documents for customers”;
- “Shortly afterward, the woman received a copy of the membership application and complained to [Mr. Nordaune], who suggested that she had electronically signed the document but forgotten about it”; and
- “By signing the woman’s name to an application for membership in [Thrivent’s] fraternal benefit society, thus falsifying the document, Respondent violated FINRA Rule 2010.”
FINRA Sanctions Robert Nordaune
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s May 8, 2020 AWC also indicates that Mr. Nordaune consented to the following sanction:
- A suspension from association with any FINRA member firm in any and all capacities for a period of 30 days; and
- A $5,000.00 fine.
If you or someone you know has or had a brokerage account with Mr. Robert Nordaune and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.