FINRA Sanctions TIAA Stockbroker For Loan From Elderly Customer
Dawn Marie Hare (also known as Dawn Marie Geer) of Hanover New Hampshire a stockbroker formerly registered with TIAA-CREF Individual and Institutional Services has been suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that she borrowed $250,000.00 from an elderly customer of Tiaa-Cref. Letter of Acceptance Waiver and Consent No. 2019061881501 (July 13, 2020).
According to the AWC, Hare was prohibited under TIAA-Cref’s written procedures from borrowing from customers of the securities broker dealer. There were no exceptions to the policy. The AWC stated that Hare was cognizant of the firm’s stance against customer loans.
In January of 2019, Hare procured a $250,000.00 loan from an elderly customer on behalf of her son. The AWC stated that the terms of the loan had been discussed between Hare and the customer. FINRA indicated that the customer was instructed to write out checks to Hare’s son whose business the stockbroker had a financial interest in as she invested more than $100,000.00 a year prior.
The AWC stated that Hare’s conduct was violative of FINRA Rule 2010 and 3240.
Hare has also been fined $4,000.00 and suspended for six months by New Hampshire Bureau of Securities Regulation based upon findings of her soliciting a ninety-two year old customer’s loan which had been memorialized through a promissory note without TIAA-CREF’s knowledge or consent. Case No. I-201900008 (Mar. 11, 2019).
On February 5, 2019, Hare was discharged by TIAA-CREF based upon allegations of the customer loan.