Former National Planning Corporation Broker Louis Cook Barred for Misrepresentations
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.
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