FINRA Bars Allstate Stockbroker In Outside Business Activity Investigation
Timothy Bernard Cooney of Warren Rhode Island a stockbroker formerly associated with Allstate Financial Services has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he failed to cooperate with FINRA’s investigation into allegations of his undisclosed outside business activities while registered with the securities broker dealer. Letter of Acceptance Waiver and Consent No. 2019064131101 (May 18, 2020).
According to the AWC, FINRA was provided confirmation from Allstate in October of 2019 that Cooney was terminated from employment based upon suspicions of him engaging in undisclosed outside business activities involving Allstate customers. The securities broker dealer indicated that Cooney caused customers to pay him for services relating to their financial affairs.
On April 22, 2020, Cooney was sent a letter from FINRA who called upon him to provide documentation and information regarding the services that he may have provided to Allstate customers. On May 4, 2020, the regulator was made aware from Cooney that he would not be cooperating with its requests. FINRA determined that Cooney’s obstruction of its investigation constituted the violation of FINRA Rules 2010 and 8210.
Cooney was registered with Allstate between December 15, 2011 and July 24, 2019.