Craig Eugene Walker of Ridgeland Mississippi a registered representative of NYLife Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he signed a customer’s name on an annuity application without the customer’s authorization to effect the purchase of an annuity. Letter of Acceptance Waiver and Consent No. 2017053798602 (Apr. 30, 2018).
According to the AWC, on February 24, 2017, during the time that Walker was employed by NYLife Securities LLC, he furnished an unauthorized application for customer JLB to buy a $150,000.00 fixed annuity. The AWC stated that Walker also submitted instructions for JLB’s brokerage account to be liquidated so that the annuity could be purchased.
Evidently, Walker never permitted Walker to utilize the customer’s signatures, nor had he authorized the liquidation from his brokerage account or fixed annuity purchase. JLB reportedly knew nothing about the documentation that Walker submitted. FINRA found that Walker’s conduct in that regard was violative of FINRA Rule 2010.
FINRA Public Disclosure reveals that Walker has been referenced in two customer initiated investment related disputes pertaining to accusations of his violative conduct during the time that he was employed by NYLife Securities LLC. Specifically, on April 13, 2017, a customer filed an investment related complaint regarding Walker’s conduct, alleging that the customer’s signature was placed on insurance documentation without the customer’s knowledge or consent.
Subsequently, a customer initiated investment related civil action involving Walker’s activities was resolved for $11,500.00 in damages based upon allegations that unsuitable annuity investment recommendations had been made to the customer, and the purchase of those annuities caused the customer to suffer from restrictions on accessing principal. Civil Action No. 3:17-cv-432 WHB-JCG (Jan. 11, 2018).
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