Comprehensive Administrative Relief Obtained on Default Against Former Cambridge Investment Research Advisor Rep Who Defrauded Clients

Administrative Law Judge found that respondent, a former investment adviser representative associated with Cambridge Investment Research Advisors, Inc., executed two related schemes to defraud his clients. The first scheme involved forging advisory client signatures on or adding costs to Financial Planning Engagement agreements after the clients had already signed them, and the second involved misrepresenting account balances to clients (and selling securities from such accounts to cover hidden deficits) following trading losses. Both schemes resulted in fraudulently obtained financial planning fees.