Former Ameriprise Financial Inc. adviser Susan Elizabeth Walker (CRD# 1823941) was sentenced this week after admitting to accusations that she misappropriated almost $1 million of client assets. She was charged with mail fraud and tax evasion in the United States District Court for the District of Minnesota in September 2014. Walker pleaded guilty to the allegations on October 15, 2015. She was sentenced to 7 years and 4 months in prison this past Monday.
From 2008 to March 2013, Walker was affiliated with Ameriprise Financial Inc., where she provided financial planning and tax preparation services. The allegations against Walker included that she used a variety of tactics to defraud at least 24 of her Ameriprise clients out of around $980,000.
Prosecutors alleged that as part of the scheme, Walker opened investment brokerage accounts in her own name and the name of several clients without the clients’ knowledge or authorization. Walker then withdrew money out of those accounts, which she allegedly used to pay personal expenses, including expensive vacations, private school tuition, car payments, and thousands of dollars in ATM cash withdrawals. According to the Minnesota Commerce Commission Mike Rothman, many of Walker’s victims were seniors who counted on her to manage their accounts responsibly.
In a parallel action, the Financial Industry Regulatory Authority banned Walker from the brokerage industry for failing to provide requested documents and information in connection with its own regulatory investigation of these allegations.
Our securities fraud attorneys are currently investigating these claims against former Ameriprise adviser Susan Elizabeth Walker. If you invested with Walker, you may be able to take legal action to recover any losses you sustained. Call Meyer Wilson today and schedule your free consultation to see if you have a case.