PATRICK D MONTGOMERY is currently employed as a Broker and/or Investment Adviser at HORNOR, TOWNSEND & KENT, INC. located at 1010 KINGS HIGHWAY, SOUTH BUILDING 1, EAST WING, CHERRY HILL, NJ, 08034.
PATRICK D MONTGOMERY has worked at HORNOR, TOWNSEND & KENT, INC. since June 06, 2016
PATRICK D MONTGOMERY has 1 Disclosure Event(s).
Date: June 22, 2015 Category: Employment Separation After Allegations Firm Name: PRUCO SECURITIES, LLC Termination Type: Discharged Allegations: REGISTERED REPRESENTATIVE ELECTRONICALLY SIGNED A PROPOSED INSURED'S SIGNATURE ON A TERM INSURANCE APPLICATION, SUBMITTED IT TO THE COMPANY FOR PROCESSING, AND REPRESENTED FALSELY THAT HE SAW THE PROPOSED INSURED AT THE TIME OF APPLICATION. ALLEGATIONS CONFIRMED. Broker Comment: Case OverviewTwo of my reps, James Inabinet and Abdul Muhammed, met with Michael and Margaret Giletto, who owned a catering business, to review their insurance needs. They were treating the Gilettos as a joint prospect. After meeting with the Gilettos and returning to the office, James asked me to attend the follow-up meeting with the Gilettos to finalize their insurance needs. James and I met with the Gilettos at their place of business, reviewed their coverage, and took applications for new term and universal life policies for both Mr. and Mrs. Giletto. All applications were written as NON SMOKER applications and submitted to Prudential. Once the applications were approved, it was determined that Mr. Giletto's rating was changed to a SMOKER rating, despite the fact that Mr. Giletto was adamant that he did not smoke. The following week, James met with Mr. and Mrs. Giletto to review and have them sign their new policies. During this appointment James met Mr. Farwell, who Mr. Giletto stated was his business partner and for whom Mr. Giletto wanted to take an insurance application. Upon returning to the office, James told me that Mr. Giletto did not sign off on his application and that he would be writing an application for Mr. Giletto's business partner, Mr. Farwell, whom he had met while meeting with Mr. Giletto.Several days later, Abdul asked me if I could meet the Gilettos with him to review Mr. Giletto's new policies. During the meeting, Abdul was going to complete Mr. Farwell's application. Mrs. Giletto delivered the check for Mr. Farwell at the meeting. However, Abdul was having trouble completing Mr. Farwell's application on his computer. I told Abdul to complete the application once we got back to the office.Once we returned to the office, Abdul was still having trouble completing the application on his computer. I therefore allowed him to complete the application on my computer. While I assisted Abdul in inputting some of the application information onto my computer, Abdul created the user name and password for Mr. Farwell and electronically submitted the application on Mr. Farwell's behalf. Due to the fact that the application was submitted from my computer, my name was auto populated on the application as the signing rep for Prudential. Similarly, because Mr. Farwell's name was associated with the user name and password created by Abdul, Mr. Farwell's electronic signature was auto populated onto the application. Notably, electronic applications are automatically emailed to the applicants. As such, it was my understanding that the applicant would have a chance to review and correct any misinformation prior to the final issuance of the policy.I never met face to face with Mr. Farwell because I was merely assisting James and Abdul in connection with Mr. Farwell's application due to Abdul's computer issues. I permitted Abdul to submit the application from my computer because I had been told that James met with Mr. Farwell, and I assumed that Abdul had likewise met with him. While I do not know if either met with Mr. Farwell outside the presence of Mr. Giletto, I had assumed they had done so and that they had done all required due diligence and had reviewed all relevant information with Mr. Giletto and Mr. Farwell, including confirming that Mr. Farwell was a part owner of the catering business.The application states "did you see the applicant at the time of application." This section was attested to as YES because James had met with Mr. Farwell. I never attempted to deceive Prudential or to initiate a false application on anyone. Nor do I have any reason to believe that James and Abdul conspired with the Gilettos to do so. I did not receive any commissions in connection with Mr. Farwell's insurance application, nor would I have received any direct commissions had any policies been issued.FINRA sent me a letter stating they had NO FINDINGS in the case.
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