The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Joeann Walker. According to her publicly available FINRA BrokerCheck report, Joeann Walker has been the subject of multiple customer disputes and a FINRA sanction.

Joeann Walker was a Massachusetts based securities broker. She worked in the securities industry for twenty-five years. During her career, she was registered with five different securities firms.

Her Registrations

  • American Express Financial Advisors (1992-1998)
  • IDS Life Insurance Company (1992-1998)
  • Commonwealth Financial Network (1998-2006)
  • LPL Financial (2006-2015)
  • Next Financial Group (2015-2017)

The Allegations

  • In January 1999, a customer alleged that Joeann Walker told them that their annuity surrender was a non-taxable event, when in fact it was. This case was settled for $14,379 in damages.
  • In April 2005, a customer alleged they experienced excessive turnover in their account managed by Joeann Walker. This case was settled for $9,000 in damages.
  • In March 2016, a customer alleged that Joeann Walker executed unauthorized sales of various stocks, made unauthorized and unsuitable purchases of variable annuities, and executed unauthorized mutual fund switches. The alleged transgressions taking place between June 2014 and June 2015. This case was settled for $175,000 in damages. During a FINRA investigation into these allegations, she allegedly provided an incomplete response to FINRA’s request for financial records. Due to these allegations, she was barred from acting as a securities broker in any fashion.

Variable Annuities

Variable annuities are investment vehicles designed for an investor to receive income during their retirement. Essentially, the investor spends years paying scheduled premiums up until their predetermined retirement date. At that point, they begin receiving scheduled distributions to act as their income during their retirement. The premiums that the investor paid are invested into the actual equities market. The amount they then receive during their retirement is entirely dependent on how well the invested premiums performed over the life of the annuity. While this type of investment might seem pretty sound on paper, the reality of it can be troubling. The truth is that variable annuities are incredibly illiquid. This is because investors are charged unbearably high penalties when they withdraw from, or surrender, their variable annuity during its surrender period. Because of this, variable annuities should never be recommended to investors who believe there might be a chance they would need to liquidate their assets should the need arise.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Joeann Walker, please contact Oakes & Fosher for a free and private consultation.