Our law firm is investigating Ameriprise Financial Services (“Ameriprise”) in connection with the supervision of Susan Elizabeth Walker (“Walker”), CRD No. 1823041. Walker was based out of Wayzata, Minnesota. On October 15, 2014, the United States Attorney’s Office for the District of Minnesota announced that Walker pled guilty for “abusing her position of trust as a registered securities agent and financial advisor to steal nearly $1 million from at least 24 victims.” Walker had been charged by information on September 22, 2014. Barbara J. Stark worked with Walker.
According to a press release issued by the U.S. Attorney’s office, “…from October 2008 until March 2013, Walker provided financial planning services to several clients through her affiliation with Ameriprise Financial Inc. She was a securities agent registered with the Minnesota Department of Commerce, and a financial advisor registered with the Financial Industry Regulatory Authority (FINRA). Walker stole from her clients by misusing her access to several victim retirement accounts and causing checks to be drawn from victim accounts and deposited into accounts that she controlled.”
The press release added, “according to documents filed in court and statements made on the record in court, Walker also opened investment brokerage accounts in her own name, and in the names of several victim-clients without their knowledge or authorization, which she used to conceal money stolen from other clients. She caused money to be withdrawn from retirement accounts belonging to clients and deposited in those brokerage accounts, which she took for her own personal use. For example, on September 18, 2009, Walker caused a check for $75,000 to be issued from a victim account and deposited into an account controlled by Walker. The defendant used funds stolen as part of the fraud scheme to pay for, among other things, private school tuition and for her own expensive vacation travel. According to her guilty plea, in addition to stealing from her clients, Walker also failed to report any of the funds obtained through fraud on her tax returns. The total tax loss on her unreported income is approximately $325,000.”
According to Walker’s FINRA BrokerCheck record, Walker was registered with Ameriprise from December 2008 to April 2013. Under FINRA Rules, Ameriprise was obligated to properly supervise the activities of Walker during the time she was registered with the firm. Accordingly, Ameriprise may be liable for failing to supervise Walker’s activities while she was registered at the firm. In fact, Walker’s BrokerCheck states that Ameriprise already settled one claim of theft by Walker, in the amount of $151,390.98.
If you invested with Susan Elizabeth Walker, formerly of Ameriprise Financial in Wayzata, Minnesota, please contact our law firm, toll free, at 888-997-9956.