Sampson Pearson Jr. of Charlotte North Carolina a stockbroker formerly registered with Northwestern Mutual Investment Services has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by accusations that Pearson declined to cooperate with a FINRA information request. Case No. 2017054269301 (Sept. 22, 2017).
According to FINRA Public Disclosure, Pearson was issued a Notice of Suspension from FINRA on June 19, 2017, and later issued a Suspension from Association letter from FINRA on July 13, 2017. Apparently, Pearson was provided until September 21, 2017 to seek the termination of his suspension from FINRA; however, Pearson failed to cooperate with FINRA’s deadline. Accordingly, FINRA barred Pearson from the securities industry the following day.
FINRA Public Disclosure confirms that Pearson has been identified in eleven customer initiated investment related disputes containing allegations of Pearson’s violative conduct during the time that he was associated with Northwestern Mutual Investment Services. In particular, on June 26, 2017, a customer initiated investment related complaint concerning Pearson’s activities was settled for $156,866.13 in damages founded on accusations that Pearson executed loans from the customer’s policy without the customer’s knowledge or consent; and Pearson forged the signature of the customer on loan documentation to unlawfully transfer funds to a bank account under Pearson’s control.
Another customer initiated investment related complaint involving Pearson’s conduct was resolved on September 25, 2017 for $97,295.40 in damages based upon allegations that the customer’s signature had been forged; and the customer’s funds were misappropriated. Thereafter, on October 10, 2017, a customer initiated investment related complaint concerning Pearson’s conduct was resolved for $27,643.78 in damages founded on allegations that Pearson prompted the customer to provide him funds to invest in a company that the customer later learned to be fake; loans were executed without the customer’s consent; and the customer’s funds were stolen.
Pearson is also subject of a customer initiated investment related written complaint which was settled for $118,581.13 in damages on October 27, 2017 based upon accusations of unauthorized withdrawals, forgery and misappropriation. Moreover, on December 12, 2017, a customer initiated investment related complaint regarding Pearson’s activities was settled for $27,072.01 in damages supported by accusations of misappropriation and forgery concerning unauthorized distributions executed from the customer’s variable annuity.
Also, on March 6, 2018, a customer initiated investment related complaint involving Pearson’s activities was resolved for $169,465.34 in damages supported by allegations that unauthorized loans had been taken from the customer’s insurance policy; and funds were transferred to Pearson’s bank account without the customer’s permission. On October 16, 2018, another customer initiated investment related complaint regarding Pearson’s conduct was settled for $304,699.18 in damages founded on accusations that Pearson misappropriated funds from the customer’s variable annuity and life insurance policies.
Pearson’s registration with Northwestern Mutual Investment Services has been terminated as of March 1, 2017.
