Allstate Stockbroker Barred By FINRA For Conversion
Kari Ann Buckles of Olean New York 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 founded on findings that (1) Buckles converted a customer’s funds and (2) Buckles failed to cooperate with a FINRA investigation into allegations of her misconduct. Letter of Acceptance Waiver and Consent No. 2018058777101 (Aug. 27, 2019).
According to the AWC, in December of 2015, during the time Buckles ran an Allstate agency, she made arrangements with customer JN to allocate funds to JN’s Savings Incentive March Plan for Employees. The AWC stated that JN’s funds were allocated in the SIMPLE IRA through January 2016, at which point Buckles, without JN’s knowledge, stopped allocating the funds in the SIMPLE IRA account. Instead, Buckles intentionally utilized JN’s funds to pay for Buckles’ expenses. FINRA found Buckles’ conduct violative of FINRA Rule 2010.
The AWC stated that Buckles also failed to cooperate with FINRA when she was being investigated for the alleged conversion. On July 29, 2019, Buckles was instructed under Rule 8210 to provide FINRA with recorded testimony. Buckles corresponded with FINRA personnel that day to convey that she would not be providing any recorded testimony in reference to the accusations of her misconduct. FINRA concluded that Buckles’ failure to cooperate was violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure additionally confirms that Buckles is the subject of a customer initiated investment related written complaint on May 16, 2018 where the customer sought unspecified damages based upon allegations of Buckles’ misuse of the customer’s funds.
Buckles was discharged by Allstate Financial Services LLC on September 11, 2018 supported by accusations of her long-term misuse of SIMPLE IRA contributions.