Joan Katherine Norton, of Woburn, Massachusetts, a stockbroker formerly registered with Ausdal Financial Partners, Inc., has been named in a regulatory investigation being conducted by Financial Industry Regulatory Authority (FINRA) in regard to Norton’s potential violations of FINRA Rules 2010, 2310, and NASD Rule 3110. According to FINRA Public Disclosure, Norton may have made unsuitable investment recommendations and misrepresentations to customers, as well as falsified documentation in reference to customer accounts.
This is not the first time in which Norton has been identified in a regulatory action based on allegations of misconduct. Particularly, Norton was placed on heightened supervision by Massachusetts Securities Division pursuant to a Consent Order containing finding that Norton was named in two customer disputes concerning her wrongdoing. Case R-2016-0083 (Aug. 17, 2016).
Particularly, the Consent Order revealed that on September 8, 2015, a customer was awarded $1,240,000.00 in damages according to a civil action involving Norton’s misconduct, based upon allegations that Norton made misrepresentations to the customer, breached her fiduciary and contractual duties, effected variable annuity transactions which were not suitable for the customer, and negligently handled the customer’s account. Apparently, Norton improperly advised the customer to retire and transfer the customer’s retirement account into an annuity, wherein the annuity was not suitable based upon the restrictions that prevented the customer from obtaining necessary income.
Additionally, the Consent Order indicated that on February 6, 2015, another customer initiated investment related dispute involving Norton’s conduct was settled for $14,800.00 in damages based on allegations that Norton made unsuitable investment recommendations to the customer and effected the purchase of an annuity which was not appropriate for the customer.
Norton’s registration with Ausdal Financial Partners, Inc. was terminated on May 13, 2016. Since April 15, 2016, she has been registered with International Assets Advisory, LLC.
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