An Oklahoma-based financial advisor has been suspended by Finra for impersonating clients during a series of phone calls to his former brokerage firm, a move his attorney says stemmed from efforts to resolve account access issues on behalf of frustrated clients.
Finra sanctioned Chad Rogers with a 45-day suspension and a $5,000 fine, citing violations of Rule 2010, the self-regulatory organization’s broad standard requiring brokers to uphold “high standards of commercial honor and just and equitable principles of trade.” According to Finra’s order, Rogers, while affiliated with IFP Securities, made 22 phone calls between August 2022 and June 2023 during which he impersonated 14 former clients in calls to his previous firm, OneAmerica Securities (Onesco). He settled the case without admitting or denying the allegations.
Rogers’ attorney, Jeanette Timmons of Steptoe & Johnson, says his actions were driven by client need. “Onesco had changed these clients’ account numbers, leading to significant confusion and difficulty accessing their accounts or executing transfers to outside bank accounts,” Timmons says. “In many cases, clients had been informed their accounts were being turned over to the Oklahoma Unclaimed Property Fund. When they were unable to get adequate support from the firm, they turned to Mr. Rogers.”
According to the settlement letter, Rogers impersonated clients to initiate transfers—either to their new accounts at IFP or to external bank accounts. Although the clients had authorized the transfers, none had given Rogers explicit permission to represent them in calls to the firm.
IFP terminated Rogers in September 2023 following discovery of the impersonation incidents. In a comment filed with Finra’s BrokerCheck, Rogers acknowledged breaching both firm policies and regulatory standards.
“I was responding to direct requests from my former clients, many of whom were unable to access or transfer their assets,” Rogers wrote. “I attempted to facilitate those transactions by contacting my previous firm by phone. While my intentions were aligned with client interests, I now recognize that impersonating clients violated internal policies as well as Finra and state securities regulations.”
Despite the suspension, Rogers has remained in the advisory space. He joined Merit Advisors, a registered investment advisory firm, in 2024 after leaving IFP. Because Merit is not a Finra-member firm, the suspension does not currently impact his RIA registration or advisory activities.
While the regulatory action is now part of Rogers’ official record, the relatively light sanction may reflect Finra’s assessment that the actions were not motivated by personal gain and resulted in no client harm. Rogers’ legal counsel emphasized his clean customer record over more than two decades in the industry.
“In a 23-year career, Mr. Rogers has never had a client complaint,” Timmons says. “There was no finding that any customer was harmed, nor was there any indication of self-enrichment in the conduct Finra reviewed.”
This is not Rogers’ first disciplinary run-in with regulators. In 2017, the Oklahoma Department of Securities cited him for failing to timely disclose five tax liens. More recently, the state regulator imposed a nine-month suspension in 2023 related to the same impersonation conduct that led to Finra’s investigation. Still, the absence of client complaints and the nature of the violations may lead some compliance officers and advisory firms to view the infractions as technical rather than indicative of client-risk behavior.
The case underscores a critical compliance boundary for advisors transitioning client relationships from a broker-dealer to an RIA or another platform. Even when acting with client consent or in response to client frustration, impersonating clients during firm communications remains a clear regulatory violation. For advisors navigating transitions, this episode is a cautionary tale about the need to work within approved procedures—even when legacy platforms create operational barriers for clients.
