Shannon Marie Rowland, of Tempe, Arizona, a registered representative with State Farm Insurance Co., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that she converted customers’ insurance premiums. Letter of Acceptance, Waiver and Consent, No. 2014042783901 (June 8, 2016).
According to the AWC, from December 2013 through August 2014, Rowland was in control of a bank account which was established to address deposits of customers’ premium payments, pursuant to her firm’s policies. Apparently, Rowland admitted to FINRA that she did not have authority to withdrawal funds from the bank account or otherwise utilize such funds for personal use.
FINRA received notice of Rowland’s conduct by her firm through a Form U5, in which the firm stated that Rowland was terminated amid allegations that she inappropriately handled a firm’s account designed for the deposit of premium payments. The AWC stated that Rowland stole $15,885.00 in customer insurance premium funds belonging to her firm and customers, and subsequently utilized such funds for her personal benefit. FINRA found that Rowland’s conversion of funds was unauthorized and intentional, and violative of FINRA Rule 2010.
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