Northwestern Broker Fined For Unauthorized Trading
Daniel Joe Wilson of Columbus Junction, Iowa, a stockbroker registered with Northwestern Mutual Investment Services, LLC, has been fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that effected trades in a customer’s account without authorization. Letter of Acceptance, Waiver and Consent, No. 2015047946401 (Nov. 16, 2017).
According to the AWC, from September of 2007 to June of 2013, during which time Wilson was the agent on the accounts owned by a customer, he took an unauthorized person’s instructions to liquidate assets in the customer’s account. Evidently, Wilson effected nineteen withdrawals without the customer’s consent, totaling $193,000.00 worth of the customer’s funds. FINRA found that Wilson’s conduct was violative of FINRA Rule 2010 and NASD Rules 2110 and 2510(b).
FINRA Public Disclosure confirms that a customer initiated investment related civil action involving Wilson’s activities was brought in a Louisa County, Iowa District Court, which has settled for $411,000.00 in damages supported by allegations that Wilson failed to verify the authenticity of withdrawal instructions. The customer alleged that Wilson was liable for intentional interference, misappropriation and conversion of the customer’s assets in regard to the customer’s mutual fund and insurance transactions. Case No. LALA018726 (Nov. 23, 2015).
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