After Angela Marie Borchardt's advisory firm switched broker-dealers in May 2013, her boss handed her a list of female client names to impersonate by calling the former B-D and asking that it liquidate the client accounts.

"He called for the male clients, I called for the females," says Borchardt, who recently received a lifetime industry ban from FINRA for doing so -- as did her former boss, advisor Kenneth William Schulz. "It was impersonation."

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