A former Key Bank broker was suspended from the industry for 18 months and fined $7,500 for allegedly mishandling a customer's variable annuity and inappropriately using two other customers' personal identification information, according to a recent FINRA disciplinary filing.
FINRA claimed that Abed Adam Darwish, a broker with Key Investment Services in Cleveland, Ohio, added his wife as a 50% primary beneficiary to a customer's variable annuity without the customer's knowledge. He allegedly corrected the beneficiary designations 10 days later after the customer demanded that her husband be named as the sole beneficiary.
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