Karen Denise Clark-Kocinski of Bloomingdale Illinois a stockbroker formerly registered with State Farm VP Management Corp. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that she failed to comply with FINRA personnel during the period that she was being investigated for misappropriating funds belonging to one of her customers. Letter of Acceptance Waiver and Consent No. 2018059685701 (Apr. 22, 2020).
According to the AWC, on August 24, 2018, a Uniform Termination Notice for Securities Industry Registration had been submitted to FINRA by State Farm VP Management Corp which revealed that Clark-Kocinski was terminated for having failed to follow State Farm’s procedures as it pertained to a Premium Fund Account. Public Disclosure reveals that the stockbroker was also terminated based upon allegations of her failure to comply with State Farm’s policies on outside business activities.
The AWC stated that an investigation was opened by FINRA following State Farm’s notification of Clark-Kocinski’s termination. On March 30, 2020, Clark-Kocinski was sent a request by FINRA which called upon her to provide recorded testimony in response to the allegations made by State Farm. Clark-Kocinski indicated in her communications with FINRA between April 10, 2020 and April 14, 2020 that she would at no point be testifying for the regulator in its investigation into her activities. Clark-Kocinski’s refusal to testify precluded FINRA from determining if she misused the customers’ funds. She was barred by FINRA for obstructing its investigation.
Between August 20, 2018 and October 4, 2018, Clark-Kocinski was registered with OneAmerica Securities Inc. She was discharged based upon allegations of providing OneAmerica with false information when she was hired.
