Northwestern Mutual Investment Services Terminates Stockbroker For Alleged Misappropriation
Daniel Joe Wilson of Columbus Junction Iowa a stockbroker formerly registered with Northwestern Mutual Investment Services has been terminated on February 5, 2018 based upon allegations of (1) Wilson engaging in unauthorized activities in a customer’s account and (2) Wilson engaging in unapproved activities during a time that he was suspended by Financial Industry Regulatory Authority (FINRA).
FINRA Public Disclosure reveals that Wilson has been fined $7,500.00 and suspended from associating with any FINRA member in any capacity based upon consenting to findings that he engaged in unauthorized transactions in a Northwestern Mutual Investment Services customer’s account. According to the AWC, Wilson effected nineteen withdrawals through taking direction from a person holding no authorization. The AWC stated that $193,000.00 in withdrawals were made from the customer’s account. FINRA found that Wilson’s conduct was violative of FINRA Rules 2010 and National Association of Securities Dealers (NASD) Rules 2110 and 2510(b).
FINRA Public Disclosure additionally reveals that Wilson is the subject of a customer initiated investment related civil action brought in the Louisa County, Iowa District Court which settled for $411,000.00 in damages based upon allegations that unauthorized transactions were effected in the customer’s account; and the customer’s funds had been misappropriated or otherwise converted by the stockbroker resulting in the customer sustaining unwarranted losses. Civil Action No. LALA018726 (Nov. 23, 2015).