Barred advisor forged wife’s signature on life insurance contracts, according to FINRA

FINRA on Tuesday said it had barred a broker who earlier this year was “discharged” – meaning fired - by his firm after being caught forging the signature of his estranged wife on life insurance documents that netted the broker, Nicholas James Hale, an immediate payment of $4,583.78.

Thrivent Investment Management Inc. in May fired Hale, according to his BrokerCheck profile. He was based in Stewartville, Minn., and had worked for Thrivent since 2017.

“In April 2026, Hale forged his estranged wife’s signature on three surrender forms for variable universal life insurance contracts owned by his estranged wife without her knowledge or consent,” according to the FINRA consent order, violating industry rules. He then pocketed the $4,583.78 for his own use, according to FINRA.

Hale could not be reached on Thursday to comment. According to the consent order, the former broker accepted FINRA’s findings without admission or denial.

InvestmentNews for years has reported on cases of advisors and brokers forging clients’ signatures on documents in an attempt to seize funds or generate extra commission dollars. But using a loved-one’s signature, particularly a wife’s, stands out.

“This happened quickly,” said Sander Ressler, managing director of Essential Edge Compliance Outsourcing Services. “The forgery happened in April and then he was barred six months later and another alleged bad actor has left the industry.”

“That’s always positive, keeping in mind extraordinary circumstances here – this involved an ex-wife, and that’s an emotionally charged relationship,” Ressler said.

FINRA began its investigation into Hale in May after Thrivent filed its notice of Hale’s termination with the self-regulatory organization. After Thrivent’s investigation into the matter, Hale returned the funds to the firm and the three insurance contracts were reinstated with the proceeds reapplied, according to FINRA.

Advisors get caught forging documents.

Just two years ago, FINRA barred a broker who had been forging customers' signatures on annuities documents, with the goal of using proceeds of the liquidations of annuities to purchase units of a registered index-linked annuity product and violating Regulation Best Interest, according to FINRA.

The broker, Christopher Reynolds, had five years of experience in the securities industry and was registered at Pruco Securities from 2021 to 2023 and based in suburban Pittsburgh, according to his BrokerCheck report. Pruco "discharged," meaning fired, Reynolds in 2023 due to similar allegations as those in the FINRA settlement.

Reynolds "submitted non-genuine client signatures on multiple applications; with the intent to evade suitability review, failed to disclose transactions as replacements; and used his personal email address to transmit client documents," according to Pruco's allegations stated on Reynolds' BrokerCheck report.