Michael Joseph Muratore (CRD #4852412, Eastchester, New York)

March 18, 2022 – An AWC was issued in which Muratore was fined $25,000 and suspended from association with any FINRA member in all capacities for two years. Without admitting or denying the findings, Muratore consented to the sanctions and to the entry of findings that he forged the signature and initials of a customer without the customer’s prior knowledge or authorization on documents in connection with the surrender of three annuities owned by the customer and the purchase of a new variable annuity for the customer. The findings stated that Muratore also falsified the customer’s account record by changing the date on a document so that it appeared to show that he and the customer had signed the document one month after they actually signed it. By forging and falsifying documents, Muratore caused his member firm to maintain inaccurate books and records. The findings also stated that Muratore circumvented the firm’s procedures in becoming a beneficiary of another customer’s account. The customer, who was not related to Muratore, named him as a 50 percent beneficiary of a new Transfer on Death account that the customer opened at the firm for which Muratore was broker of record. Despite being aware of the firm’s procedures and that the customer had designated him as a beneficiary, Muratore did not disclose to the firm his designation as the customer’s beneficiary. Subsequently, the customer changed the beneficiary to a relative and removed Muratore as a beneficiary. The findings also included that Muratore impersonated a different customer during telephone calls with an insurance company in an attempt to advance the process for surrendering an annuity that the customer held with the insurance company to fund the purchase of securities at the firm through Muratore. The customer eventually surrendered the annuity and deposited the proceeds in an account at the firm. The suspension is in effect from April 18, 2022, through April 17, 2024. (FINRA Case #2019063662701)