A Missouri man was fined $5,000 by FINRA for creating a false proof of insurance document for a customer.
Jeffrey Paul Dungan, a registered representative from Fulton, Mo., was also suspended from associating with any FINRA member for one month, ending Jan. 6, FINRA records show.
FINRA investigators found evidence that Dungan created and disseminated a false proof of insurance document and inserted a false policy number on the document to assist a customer, whose commercial insurance application was never filed or submitted because of an administrative error at Dungan’s member firm, records show.
FINRA said Dungan should have known that the customer and its bank would rely on the representations in the document.
Dungan neither admitted nor denied FINRA’s findings.