Alex Williams (CRD# 2646185), a broker and investment adviser based in New York, has received a pending customer complaint. According...Read More
FINRA Sanctions Nampa, Idaho Broker Bryce Vance
Former Farmers Financial Solutions broker/adviser Bryce Vance (CRD# 6499644) has been sanctioned by the Financial Industry Regulatory Authority following allegations he falsified insurance applications. Previously registered with the firm’s branch office in Nampa, Idaho, Vance was permanently barred from acting as a broker.
According to a Letter of Acceptance, Waiver and Consent (No. 2018057094902) dated November 2019, was registered with Farmers Financial Solutions from May 2015 until January 2018, when the firm disclosed that it had terminated his registration after its insurance affiliate terminated his employment after finding he had not adhered to its underwriting guidelines. FINRA’s findings go on to state that from October 2015 until July 2017, he “submitted 47 unauthorized insurance applications on behalf of 16 separate customers.” He allegedly collected customer-specific information by offering customers free insurance quotes, then using that information to submit applications to the firm without those customers’ consent. FINRA’s findings go on to state that when he submitted the applications, he “falsely indicated that the customers had authorized” him to submit them, and further that they had consented to the insurance policies in question being issued to them.
FINRA’s findings state that the customers were then issued insurance policies, for which they were billed. Vance then received commissions totaling $5550.51, according to FINRA, which Farmers Insurance “clawed back.” FINRA found that his activities violated FINRA’s requirement that members observe high standards of commercial honor, as well as just and equitable principles of trade. As a result of the foregoing alleged conduct, Bryce Vance was barred from associating with any FINRA member in any capacity.
Bryce Vance is currently not registered with any FINRA member firm. He was previously registered with Farmers Financial Solutions in Nampa, Idaho from 2015 until 2018. He has passed three securities industry qualifying examinations and currently holds no state securities licenses. (Information current as of April 23, 2020.)