FINRA has reprimanded a KeyBank financial advisor for lying on a customer's behalf.

Margaret C. Morgan, a broker for Key Investment Services in Anchorage, Alaska, was suspended for two years and fined $10,000 for  allegedly issuing a false "proof of funds" letter indicating that the customer had $9 million available for use when she knew that the customer did not have that amount of money at the bank.  Morgan also did not have a reasonable basis to believe that the customer held such funds elsewhere, FINRA claimed.

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