Deborah Lynn Herrmann (also known as Debbie Lynn Gniech) of Wheaton Illinois a stockbroker formerly registered with Transamerica Financial Advisors Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that she did not fully comply with FINRA’s investigation into her potential nondisclosure of a lawsuit. Letter of Acceptance Waiver and Consent No. 2021070377701 (September 30, 2021).
According to the AWC, on April 15, 2021, FINRA received confirmation from Transamerica that it terminated Herrmann’s registration as a stockbroker. Transamerica relayed to FINRA that Herrmann allegedly did not timely disclose through her Form U4 that she was involved in a lawsuit. The securities broker dealer also indicated that Herrmann omitted mention of her investments.
FINRA Public Disclosure also shows that Herrmann allegedly engaged in the solicitation of an investment opportunity that Transamerica did not offer. She was accused of soliciting this investment without having notified the securities broker dealer or received its approval.
On March 9, 2021, FINRA investigated Herrmann to determine whether she violated FINRA rules given Transamerica’s allegations against her. Herrmann was asked to hand information and documents to the regulator concerning her employer’s accusations. On April 2, 2021, Herrmann submitted a response to only some of FINRA’s requests.
On June 30, 2021, the regulator contacted Herrmann about the missing information. She was asked to provide more documents by July 14, 2021. Herrmann only partially responded. FINRA indicated that Herrmann has not fully cooperated with its requests dated March 9, 2021, and June 30, 2021. She violated FINRA Rules 2010 and 8210 for failing to comply.
FINRA Public Disclosure shows that on May 1, 2019, a customer filed an investment related civil action involving Herrmann’s conduct in which they requested $130,000.00 in damages founded upon allegations that Herrmann misrepresented information pertaining to the use of their funds. Civil Action No. 2018-L-005089 (May 1, 2019). The civil action alleges that the customer had been sold promissory notes as investment opportunities and that these transactions caused damages to the customer.
Herrmann was employed by Farmers Financial Solutions LLC between October 9, 2006, and November 2, 2017, and Transamerica Financial Advisors between February 26, 2018, and April 15, 2021.
