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Kumi Toyokawa Ichikawa: Financial Advisor Formerly of Pruco Securities Suspended by FINRA
Kumi Toyokawa Ichikawa has entered into a Letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority (FINRA) Department of Enforcement, resulting in a six-month suspension from association with any FINRA member in any capacity and a fine of $5,000.
FINRA alleges that in March 2016, Ichikawa submitted falsified documents to Pruco while knowing the records were false, and that she initially lied to Pruco investigators when questioned by Pruco. According to FINRA, Pruco, through an affiliate company, had a donation matching program, where Pruco would match employee donations and reimburse employees for volunteer time.
FINRA contends that in March 2016, Ichikawa submitted a fabricated receipt for a $5,000 donation she did not make and claimed reimbursement for volunteer hours that were not actually performed. FINRA further alleges that Ichikawa intended to seek a tax deduction based on the false receipt and that Ichikawa also initially lied to Pruco investigators about the fake donation and volunteer hours when questioned by the firm.
Pruco Securities, LLC discharged Ichikawa on April 26, 2016, alleging she had “submitted, or allowed another [registered representative] to submit on her behalf (i) false information and a matching gift receipt to the Company, which matches qualifying charitable donations by employees for a charitable donation she did not make and (ii) false information to the Company regarding volunteer hours.”
FINRA’s suspension is based upon an alleged violation of FINRA Rule 2010, which states that a broker-dealer, “in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade.” This is a very broad rule that essentially encompasses any unethical behavior by registered persons regulated by FINRA.
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