Former Valic broker Craig Edward Lewis barred for no-show
Finra was investigating whether he engaged in prohibited sales activities.
The Financial Industry Regulatory Authority Inc. barred former Valic broker Craig Edward Lewis for not appearing at a hearing called to look into his sales activities.
After he provided initial testimony, Finra discovered additional evidence reflecting that Mr. Lewis may have engaged in undisclosed outside business activity by selling equity indexed annuities through a third-party life insurance company to several customers of his employer member firm.
It also found that he directed trading activity in a customer’s securities account held away from his employer. He did that without disclosing to that brokerage firm that he was a registered representative with another firm and without disclosing his activities to his own firm.
Finra also found that Mr. Lewis traded away in an undisclosed personal securities account held at another firm without disclosing to that firm that he was a registered representative. Mr. Lewis acknowledged that he received a request for a second hearing and refused to appear.
In March 2016, Valic terminated its affiliation with Mr. Lewis. He has not been employed in the industry since.
Mr. Lewis began his securities career in 1981 at A.G. Edwards. He worked at eight securities firms before joining Valic in 2012.
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