Jodie Ann LaMarre, of Sarasota, Florida, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for allegedly recommending an unsuitable investment strategy to an elderly customer on a fixed income with conservative investment goals, causing the customer to suffer unnecessary tax liability of over $33,000.
While employed with the Sarasota, Florida branch of Robert W. Baird & Co., Ms. LaMarre allegedly recommended the consolidation of all her elderly customer’s assets into a single taxable account. According to FINRA, Ms. LaMarre made this recommendation without regard for the fact that several of the customer’s assets were in tax-deferred accounts. FINRA’s findings state that Ms. LaMarre was aware of and understood the negative tax consequences of her unsuitable recommendations, which resulted in unnecessary tax liability of more than $33,000 and a reduction of her customer’s 2016 monthly social security benefit. Continue reading →