Louis Cook of Staten Island, New York submitted a Letter of Acceptance, Waiver, and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred from association with any FINRA member for allegedly making intentional misrepresentations to customers, many of whom were elderly investors.
From November 2009 to November 2017, Louis Cook was employed with National Planning Corporation as an Investment Company Products/Variable Contracts Representative. According to FINRA, Louis Cook made intentional misrepresentations in a cover letter he sent to customers which included a third-party authorization form. Mr. Cook induced his elderly investor customers to sign the authorization form by misrepresenting that the form needed to be signed in order for Mr. Cook to continue servicing their variable annuity policies. After inducing his customers to sign the authorization forms, Mr. Cook is alleged by FINRA to have used the customers’ authorization to withdraw money from customer accounts for his own personal use. By making intentional misrepresentations to his customers, which induced them to sign the Third Party Authorization Forms, Mr. Cook allegedly violated FINRA Rule 2010. By improperly using funds from his customers’ variable annuities for his own personal use, Mr. Cook separately is alleged to have violated FINRA Rules 2150(a) and 2010. Without admitting or denying FINRA’s findings, Louis Cook has been barred from association with any FINRA member in any capacity.
Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from unsuitable recommendations, misrepresentations and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like National Planning Corporation, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.
Have you suffered losses in your National Planning Corporation account due to misrepresentations by your broker? Was Louis Cook your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against National Planning Corporation stockbrokers who may have engaged in broker misconduct and caused investors’ losses.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at email@example.com for answers to any of your questions about this blog post and/or any related matter.