Allstate Stockbroker Barred In Investigation
Charles Don Burchard (also known as Chuck Burchard) of Conroe Texas a stockbroker formerly registered with Allstate Financial Services LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Burchard failed to comply with FINRA personnel who were investigating accusations of his potential undisclosed outside business activities. Letter of Acceptance Waiver and Consent No. 2019062825101 (Aug. 24, 2020).
According to the AWC, on June 5, 2019, a Uniform Termination Notice for Securities Industry Registration (also known as a Form U5) had been filed by Allstate Financial which alerted FINRA that Burchard was terminated for misconduct. The securities broker dealer indicated that on May 28, 2019, Burchard was terminated from its parent insurance company founded on allegations that he engaged in activities outside of the scope of his employment relationship which had not been disclosed as required under company policy. Allstate also noted that customers’ confidential information had been disclosed by Burchard to a third party contrary to company policies and guidelines.
The AWC stated that Burchard’s termination from Allstate became the focus of the regulator’s investigation which commenced in June 21, 2019. The stockbroker was asked by FINRA personnel on August 5, 2020 to provide documents or information in response to the securities broker dealer’s accusations. FINRA received a response from Burchard on August 5, 2020 which confirmed that the stockbroker understood what was requested of him but that he was not going to hand over any documents or information. Burchard never complied with FINRA’s request according to the AWC. The stockbroker’s refusal to cooperate in the investigation constituted the violation of FINRA Rules 2010 and 8210.
Burchard was employed by Allstate Financial Services between February 20, 2013 and May 28, 2019.