FINRA Case #2017053798602)
Craig Eugene Walker (CRD #5427440, Madison, Mississippi) – An AWC (Accept, Waiver & Consent) was issued in which Walker was barred from association with any FINRA member in all capacities.
Without admitting or denying the findings, Walker consented to the sanction and to the entry of findings that he submitted to an insurance company affiliated with his member firm an unauthorized application for a $150,000 fixed annuity, purportedly on behalf of an individual.
The findings stated that the individual had, at that time, a brokerage account at a broker-dealer that was not affiliated with Walker’s firm. Walker electronically affixed the individual’s signature on the application. In connection with that application, Walker caused to be submitted to the individual’s broker-dealer written instructions to liquidate and transfer the individual’s brokerage account to fund the annuity (the rollover form). Additionally, he submitted to the insurance company a disclosure form regarding replacement of life insurance or annuities (the disclosure form). Walker electronically affixed the individual’s signature on the rollover form and the individual’s signature and initials on the disclosure form.
The individual did not authorize the purchase of an annuity, or the liquidation or transfer of her brokerage account. Furthermore, the individual did not know about or approve the forms in question or Walker’s signing of their name or initials. As the designated producer on the annuity application, Walker expected to receive compensation in connection with the annuity transaction.
The individual’s brokerage account was not liquidated or transferred and no annuity was issued because the broker-dealer that maintained the brokerage account requested additional documentation and the individual, upon learning of the attempt to liquidate the brokerage account, complained.
Walker worked for NYLIFE Securities LLC (CRD# 5167) from January 2008 until May 2017 when he was permitted to resign due to customer allegations.
If you feel you have been misled or taken advantage by Craig Eugene Walker or any Broker and wish to discuss legal action, please contact Darren Blum at 1-877-786-2552 (1-877-STOCK LAW), www.stockattorneys.com for a free consultation.