Richard Channing Hawkes, of Orange, California, a stockbroker employed with VALIC Financial Advisors, Inc., has been fired on May 4, 2016, founded on accusations that he effected investment transactions involving products that had not been approved for sale by the firm, violating the firm’s policies regarding selling away.
This is not the first time that Hawkes has been fired for misconduct by a brokerage firm. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on November 2, 2005, Hawkes was fired by E*Trade Securities LLC based upon allegations that he engaged in the unapproved sales of annuities as an outside business activity and utilized unauthorized communication mediums to pursue his business activities.
FINRA Public Disclosure confirms that on December 16, 2016, a customer filed an investment related written complaint involving Hawkes’ conduct, which settled for $32,397.47 in damages supported by accusations that Hawkes made inappropriate recommendations for the customer to liquidate a variable annuity investment to fund another investment account, causing the customer to sustain undue tax consequences.
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