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Written by 2:28 pm FINRA SEC Sanctions

Thrivent Investment Fined after Forgery Allegations

Thrivent Investment Fined after Forgery Allegations featured by top securities fraud attorneys, the White Law Group

Thrivent Investment Management Sanctioned by Securities Regulators 

Thrivent Investment Management Inc has reportedly been fined $325,000 and sanctioned for failing to properly supervise electronic signatures, which led to the falsification and forgery of customer documents, according to the Financial Industry Regulatory Authority (FINRA). 

Beginning in July 2017, at least 15 Thrivent representatives allegedly electronically signed customer names on over 260 documents without proper authorization. FINRA’s investigation revealed that Thrivent reportedly did not have adequate supervisory procedures in place to detect these issues, violating several key FINRA rules and Section 17(a) of the Securities Exchange Act.  

This alleged misconduct violated FINRA Rule 3110, which requires member firms to establish and maintain a supervisory system reasonably designed to achieve compliance with securities laws and regulations. Additionally, it breached FINRA Rule 2010, requiring firms to observe high standards of commercial honor and equitable principles of trade. 

FINRA also reportedly found violations of Section 17(a) of the Securities Exchange Act and Exchange Act Rule 17a-3, which require accurate record-keeping, further emphasizing Thrivent’s failure to maintain proper books and records as stipulated by FINRA Rule 4511. 

In addition to the fine, Thrivent must certify within 120 days that it has remediated these issues and implemented a compliant supervisory system, according to FINRA. 

Thrivent Broker Suspended for Forgery Allegations 

In August 2023, a broker registered with Thrivent Investment Management Inc., based in Hattiesburg, Mississippi was fined $5,000 and suspended for six months by FINRA for placing false customer signatures on account documents while associated with Thrivent. 

According to the Letter of Acceptance, Waiver, and Consent No. 2022073783401 (July 26, 2023), the violations occurred from September 2020 to November 2021, involving about 102 digital forms for approximately 57 customers. While at least one customer permitted the stockbroker to sign a form on their behalf, the other 101 forms were signed without customer approval, contravening Thrivent’s rules.  

The broker was registered with Thrivent Investment Management Inc. from November 15, 2019, to January 12, 2022, and was discharged on December 20, 2021, due to allegations of failing to obtain genuine customer signatures for account documents. 

Securities Fraud Attorneys       

This information is publicly available and provided to you by The White Law Group. 

If you are concerned about your investments with Thrivent Investment Management, please call the securities attorneys at The White Law Group at 1-888-637-5510.       

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to helping investors in claims in all 50 states against their financial professional or brokerage firm. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases. 

Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation, churning, unsuitable investments, selling away, and unauthorized trading, among many others.            

With over 30 years of securities law experience, The White Law Group has the expertise to help investors defrauded in securities, investment, and financial business transactions attempt to recover their investment losses.       


Tags: , , Last modified: May 30, 2024