FINRA Suspends Former Principal Securities, Inc. Broker, Christopher Hildebrandt, For Allegedly Altering Documents
Christopher Hildebrandt (CRD # 1318476) was a Financial Advisor at Principal Securities, Inc. in Cape May Court House, NJ. Christopher Hildebrandt was in the securities industry from 1998 to 2018 and previously worked at NIA Securities, L.L.C. and Morgan Stanley DW Inc.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on August 21, 2020, FINRA sanctioned Christopher Hildebrandt, suspending him for a period of 4 months and fining him $5,000.
According to the FINRA sanction, “Without admitting or denying the findings, Hildebrandt consented to the sanctions and to the entry of findings that he altered documents as an accommodation to customers and submitted the documents to his member firm. The findings stated that Hildebrandt altered documents including new account forms, automated clearing house transfer requests, and distribution forms. Hildebrandt falsified the documents by reusing signatures and using correction fluid to conceal information already entered, like signature dates. He also altered dollar amounts on distribution forms and corrected or added information by use of correction fluid and/or ink. The underlying transactions were all authorized. Hildebrandt’s practice of reusing client signatures and using correction fluid to alter information continued even after the firm warned him not to do so in both a phone call and a letter of education.”
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2018060237801%20Christopher%20T.%20Hildebrandt%20CRD%201318476%20AWC%20va.pdf
According to publicly available records released by FINRA, in October 2018, Christopher Hildebrandt was discharged from Principal Securities, Inc after a trustee alleged “the representative misappropriated funds from his mother’s trust and effected one or more unauthorized transactions.”
In addition, Christopher Hildebrandt has been the subject of four customer complaints during his career, alleging sales practice misconduct. The complaints allege the following:
• September 2018—”The trustee alleges the representative misappropriated funds from his mother’s trust and effected one or more unauthorized transactions.” The matter settled for $15,094.64.
• December 2017—”Client alleges his representative misrepresented the IRA brokerage account by assuring him that the same investments were available to him if he transferred his assets from his 401k account.” The matter settled for $7,414.23.
• April 2015—”AT 04/30/15 CLIENT ALLEGES I DID NOT ADVISE OF POTENTIAL TAXABLE EVENT.” The claim was denied.
• March 2013—”CUSTOMER ALLEGES PRODUCER MISREPRESENTED VA AND 529 FUTURES.” The claim was denied.
For a copy of Christopher Hildebrandt’s CRD, click https://brokercheck.finra.org/individual/summary/1318476#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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