Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker, Walter Morrow Allen (CRD # 1344149) was recently barred from the securities industry by the FINRA Department of Enforcement after refusing to cooperate in an investigation into allegations of using unauthorized discretion in customer accounts.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Allen.
Registration Background for Walter Allen
Mr. Allen first became registered in the securities industry in 1985. He was most recently registered with Suffield, CT based Cetera Advisers LLC (CRD # 10299) from October 2016 to May 2020. His prior registrations include Investors Capital Corp. (CRD # 30613) from March 2015 to October 2016, and Coburn & Meredith, Inc. (CRD # 164) from November 2013 to February 2015.
FINRA’s Allegations Against Walter Allen
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated August 4, 2021, Mr. Allen consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “In May 2020, [Mr. Allen’s] former firm, Cetera Advisors, filed a Form U5 disclosing that Cetera Advisors had terminated the [Mr. Allen] on April 27, 2020 and stating that he had “executed trades in non-discretionary accounts without written client authorization in violation of the firm’s policies and procedures”;
- “On June 22, 2021, FINRA sent a request to [Mr. Allen] for the production of information and documents by July 13, 2021, pursuant to FINRA Rule 8210”;
- “As stated in his correspondence to FINRA on June 30, 2021, and by this agreement, [Mr. Allen] acknowledges that he received FINRA’s request and will not produce the requested information and documents at any time.”; and
- By virtue of his actions, Mr. Allen violated FINRA Rule 8210, regarding cooperating in investigations and FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Sanctions Walter Allen
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s August 4, 2021 AWC also indicates that Mr. Allen consented to the following sanction(s):
- A bar from association with any FINRA member in all capacities.
Walter Allen Has No History of Securities Industry Customer Complaints
In addition to the August 4, 2021 AWC showing Walter Allen being barred from the securities industry by FINRA after refusing to cooperate in an investigation of allegations of unauthorized discretion in customer accounts, FINRA BrokerCheck for Walter Allen reveals he has no prior history of customer complaints and/or customer initiated arbitrations.
If you or someone you know has or had a brokerage account with Walter Morrow Allen and have concerns regarding losses in your investments or possible sales practice violations including fraud, churning or unsuitability, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.