Elizabeth Ann Sollars (also known as Elizabeth Ann Cole, Elizabeth Ann Gore, Elizabeth Ann Shaw, and as Beth Sollars) a stockbroker formerly registered with Allstate Financial Services has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on a FINRA Office of Hearing Officers Default Decision containing findings of Sollars failing to comply with a FINRA investigation into accusations of her misappropriation of funds. Department of Enforcement v. Elizabeth Ann Sollars Disciplinary Proceeding No. 2020065292102 (September 22, 2021).
According to the Decision, FINRA was made aware that Allstate Insurance Company discharged her founded upon allegations of Sollars misappropriating insurance premiums. The accusations came from Allstate’s property and casualty insurance company.
On January 27, 2020, Sollars was asked by FINRA to provide documents and information relating to these allegations. FINRA warned her at that time that she could be suspended as a stockbroker if she did not comply. Sollars did not adhere to FINRA’s first and second requests. The regulator issued the suspension on April 20, 2020, but lifted that suspension on June 11, 2020, because she denied misappropriating any of the funds as alleged by Allstate.
The Decision states that the accusations against Sollars continued to be investigated by the regulator following the termination of her suspension. In March of 2021, she was called on by FINRA to make an appearance and provide testimony as it pertained to the misappropriation allegations. Sollars did not show up and testify as instructed.
The Decision states that Sollars’ failure to cooperate resulted in FINRA Department of Enforcement filing a Complaint against her. This Complaint alleges that Sollars violated FINRA Rules 2010 and 8210 because she did not comply with FINRA’s investigation. Sollars did not provide a response to the Complaint.
FINRA determined that Sollars’ failure to respond to the Complaint meant that she was in default. The regulator decided in this Default Decision that Sollars violated Rules 2010 and 8210 for refusing to cooperate in the investigation.
Sollars was registered with Allstate Financial Services between June 19, 2017, and January 10, 2020.
