(FINRA Case #2016050492101)
Walter Warren Parker (CRD #2131232, Wylie, Texas) – An AWC (Accept, Waiver & Consent) was issued in which Parker was fined $7,500 and suspended from association with any FINRA member in all capacities for one month.
Without admitting or denying the findings, Parker consented to the sanctions and to the entry of findings that he made investment recommendations to a customer that were not suitable given her age, risk tolerance, financial experience and liquidity.
The findings stated that the customer had little prior experience investing and no experience investing in alternative investments. Immediately upon opening her account, Parker recommended that the customer invest her funds into illiquid, alternative investments. The source of these funds was the customer’s retirement account. The customer suffered significant losses in the alternative investments. She claimed that, as a result of her investment losses, she was forced to obtain full-time employment. The customer later entered into a settlement with Parker’s member firm and Parker to compensate her for her losses in the accounts.
The suspension is in effect from May 21, 2018, through June 20, 2018.
Parker was employed by Titan Securities (CRD# 131392) from September 2006 until March 2018. Since November 2015 there have been six Customer Disputes filed with FIRNA.
If you feel you have been misled regarding investing 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.