Mr.  F. opened investment accounts for two siblings. At the time, he recorded their investment objectives as "100% growth" and their risk tolerance level as "100% medium risk." At year 5 and year 10,  Mr. F. unbeknownst to the clients, changed their investment objectives to include speculative trading and an increased level of risk. These changes to the clients' investment objectives and increased risk tolerance, did not reflect the clients' values, goals, objectives and risk tolerances. In February 2012, in accordance with Mr. F's recommendation, the clients' accounts were combined into one household fee-based account. On review, the volume of trades made by Mr. F. for in the clients' accounts did not support the cost saving justification given by him for the transition and the clients ultimately incurred additional expenses. The siblings each sustained realized and unrealized losses of approximately $6,000-$8,000, due to Mr. F's conduct.  During the investigation it was revealed that Mr. F forged the client's signatures indicating that they were aware of the changes.  Upon further investigation it was found that he falsified the initials of twelve clients on a total of thirteen Know Your Client (KYC) or New Account Application Forms; and amended six client KYC forms to reflect changes in his clients' risk tolerances and added his clients' initials confirming the changes, without their knowledge.

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