Lance B. Topol Forging Letters from Bank of America
On July 28, 2014, Lance B. Topol, of New York, New York, falsified multiple letters of credit (LOCs) improperly issued by him to third parties and a client, a FINRA Letter of Acceptance, Waiver and Consent (AWC) alleges. As a result, Topol, formerly of Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch) and its affiliated bank, Bank of America, left the firm after being employed from October 2009 until November 2012, and will be permanently banned from the financial industry, the AWC notes.
Topol Allegedly Created Nine Falsified Letters of Credit
Topol spoke with representatives of two companies from early 2012 through November 2012 regarding the provision of Letters of Credit and other financing, FINRA’s Department of Enforcement reported. Topol had no authority to act on Merrill Lynch’s behalf to issue LOCs or make representations regarding potential financing, FINRA alleges. Bank of America was unwilling to extend credit concerning financing options after Topol approached them, the AWC reports. In spite of this rejection, Topol, from early 2012 through November 2012, created nine falsified LOCs, seven falsified Comfort Letters, and a falsified term sheet on “Bank of America” letterhead. Each of the LOCs purported to provide potential financing of between $1.6 million to $10 million, the AWC alleges. It also notes that the total promised amount of the financing in the LOCs exceeded $65 million. Topol’s alleged misconduct, specifically forging firm documents, violated multiple FINRA Rules.
Investment Fraud Lawyers Investigating
The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.
Broker: Lance B. Topol
Status: INVESTIGATED by Peiffer Rosca.
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