JoeAnn M. Walker, of Brockton, Massachusetts, a stockbroker formerly registered with Next Financial Group, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that she obstructed a FINRA investigation into allegations that she effected unsuitable annuity sales. Letter of Acceptance, Waiver and Consent, No. 2016049354501 (Dec. 12, 2017).
According to the AWC, on September 11, 2017, Walker was sent a letter from FINRA which called upon her to provide documents and financial records relating to allegations of Walker’s unsuitable variable annuity sales involving customer NJ. Evidently, Walker only partially responded to FINRA staff. Thereafter, Walker’s counsel confirmed with FINRRA that Walker would not be providing additional documentation as FINRA requested. Consequently, FINRA found that Walker’s failure to cooperate in the investigation was violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that Walker has been referenced in three customer initiated investment related disputes concerning accusations of Walker’s misconduct while employed with Commonwealth Financial Network, Next Financial Group, Inc. and LPL Financial, LLC.
Specifically, on April 15, 1999, a customer initiated investment related written complaint involving Walker’s conduct was settled for $14,379.46 in damages supported by allegations that Walker inappropriately advised the customer to surrender a fixed annuity held within an individual retirement account in order to utilize the funds to buy a variable universal life insurance policy.
Thereafter, on July 7, 2005, a customer initiated investment related written complaint pertaining to Walker’s activities was resolved for $9,900.00 in damages based upon accusations that Walker effected mutual fund transactions on an excessive basis in the customer’s account. Further, on November 15, 2016, a customer initiated investment related written complaint involving Walker’s conduct was settled for $175,000.00 in damages founded upon allegations that Walker executed unauthorized sales of the customer’s stock holdings, effected unauthorized mutual funds trades, and sold the customer a variable annuity that was neither suitable nor authorized.
Walker’s registration with Next Financial Group, Inc. was terminated on November 9, 2017.
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